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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: bart13 who wrote (99826)11/23/2008 9:53:29 AM
From: Robin Plunder  Read Replies (1) of 110194
 
from the larlenga link:

"Let's start with Aristotle who gave the culmination of Greek thought and experiment on money around 330 BC: "All goods must therefore be measured by some one thing. . . now this unit is in truth, demand, which holds all things together. . . but money has become by convention a sort of representative of demand; and this is why it has the name nomisma - because it exists not by nature, but by law (which in Greek was nomos) and it is in our power to change it and make it useless." So Aristotle calls money a creature of the law. Not a commodity from nature but an abstract social institution. Its essence is not tangible wealth in itself, but a power to obtain wealth.

Plato agreed with Aristotle and advocated fiat money for his Republic: "The law enjoins that no private individual shall possess or hoard gold or silver bullion, but have money only fit for domestic use. . . . wherefore our citizens should have a money current among themselves but not acceptable to the rest of mankind. . . " And: "Then they will need a market place, and a money-token for purposes of exchange."

this is an argument from authority, ie, quote something that an authority said, and then treat it as fact about the world.

Platos political ideal was a totalitarian state, in which the govt prescribed jobs, spouses, and education (indoctrination), I believe....who would be surprised that he would think govt should control money?

There is very little in his thought of value.

Robin
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