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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: gpowell who wrote (53819)2/14/2006 3:26:57 PM
From: mishedlo  Read Replies (2) of 110194
 
From Heinz:
i've already corrected this in my previous mail. i reject the Fekete theory. the price of gold in terms of other goods is by the by is clearly NOT constant, even if one accepts Fekete's marginal utility stuff. how does one follow from the other?
i included a critique of the supply side gold standard by Shostak that looks at the supply sider idea of 'fixing' the gold price.
that increases in money supply increase aggregate price levels over time is not only logical, but clearly evident in the empirical facts.
however, those same empirical facts show that while a gold standard obtained, prices stayed largely constant over a long time period (i.e., gold's purchasing power did not decrease). by contrast, the value of the fiat dollar has decreased by a cool 95% (!!) since the Fed came into being in 1913.
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I will post his other email later.
It is a long one.
Mish
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