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Pastimes : Ask Mohan about the Market

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To: Zeev Hed who wrote (11487)	12/14/1997 8:13:00 PM
From: Tommaso	Read Replies (1) of 18056

Well, it's also a waste of resources to have a police force and an even bigger waste to have prisons. Right now those new $100 bills that the US is producing are the world's choice for an ultimate store of wealth. If the US goes on monetizing debt at the rate that seems to have gone on for the last few months, some people may prefer a fungible, easily divisible, concrete substitute that can be carried in your pocket. Keynes may have been correct in calling gold a barbaric relic. Living among the Bloomsbury and Oxbridge types that he knew, Keynes may have escaped contact with barbarism. Some of the value of gold results precisely because it is in most respects a useless luxury. Utopians from Sir Thomas More to Lenin have thought gold ought to be considered worthless. I don't have much use for gold myself--except for the excellent crowns on my teeth. But in terms of its economic usefulness as a store of value it seems somewhat underpriced now, and it may not be good advice to tell people to wait for it to drop another 50%. As a medium of exchange it is completely antiquated, of course.

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