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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: macavity who wrote (40148)10/25/2003 5:09:54 AM
From: Raymond Duray  Read Replies (2) of 74559
 
macavity,

Re: As it is a commodity-backed currency there is no real need for an issuer.

No real need for an issuer? What is your proposed alternative? Divine intervention? Magic?

If that were really true, Jerry Falwell or David Copperfield would have cornered this market by now.

As a practical matter, I believe that there are still laws on the books in the U.S. preventing the issuance of private currencies by private entities in the U.S. Thus the idea of a commodities based currency in the U.S. is a non-starter.

Of course, we already have synthetic currency equivalents in some of the more exotic futures and derivatives instruments currently available to sophisticated speculators. I don't agree that there is a need for a precious metal in the mix. Industrial metals, energy units and foodstuffs are sufficiently valuable in today economies to provide the preponderance of value in commodity trades.
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