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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: neolib who wrote (90970)10/1/2007 12:47:37 AM
From: Elroy JetsonRead Replies (1) of 306849
 
The "great expense" of using gold as money was first noted by adventurer John Law who established a paper money system in France in 1716. His system collapsed after a few years.

While mining gold or carving shells takes a good deal of labor and capital, they prevent the arbitrary creation of new amounts of money. When this discipline is not in place, you end up with the problems we are currently experiencing.

This expense is the cost required to assure that money is a good place to store your savings, and not merely a means of exchange. With out a method of savings, an economy breaks down and is unable to effectively transfer demand from today to tomorrow - a major problem currently with our economy. If have blind allegiance to Monetarism, you have to ignore these problems and so many others.

Richard Nixon claimed we're all Keynesians now, and of course he meant this as a joke. But who ever claimed "we're all Monetarists now" was simply a fool.

Much of your post demonstrates a confusion between money and debt. Perhaps it would help to re-read the portions from Charles Rist's book, contained in the post linked below, and some of Rist's other books.

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