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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Stock Farmer who wrote (28305)2/1/2003 1:40:00 AM
From: elmatador  Read Replies (1) of 74559
 
Ascribing value to something was a direct result of its scarcity. So that the guys who had a goat would accept 5 chickens and a sack of grain.But these acceptable means of transactions' value would fluctuate with time. A bad harvest would increase the value of the grain, and more people raising goats -since they perceived their increase and their value as a means of transactions- would lessen the value of goats. This is the interplay where we started. I am discounting here the guys that killed the shepherd and run away with the herd.

If we cut to today, the accepted means of transactions are subject to manipulation. The physical entities of yore weren't!! We still have to deliver the goods -that underlay the manipulated accepted means of transactions- today. But in Maurice's future, producing goods would be so efficient as today shows -by handing them over to 15 year old school dropouts operating a USD150.000 machine- and deflating the price of everything. So there aren't goods to underlay value. Jay, says there is: Gold. I support Jay's claims to gold because it still underlies value.

I find difficult to support Maurice's view because his views require something akin to what Marx wanted: A new way to ascribe value. And humans, being who they are, there would be a couple of million people trying to create novel acceptable means of currencies that would dominate to the detriment of the outsiders, Breton Woods beign the typical example.
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