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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (87443)	12/22/2000 10:48:28 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 132070

Wayne - ...Even if the gold flow wasn't arbitrary, was more economically sound, and the sum was wonderful, it didn't match the short term activity and made conducting business difficult. That's a small part of why so many people wanted to get rid of it. In using the word arbitrary, I was referring to political decisions to expand the fiat money supply. With gold, you may have potential increases in the gold supply which occur at random, but these would be damped by the gold producers producing more gold at high prices than at low. The purchasing power of money of any and all types is set every day by the combined actions of consumers and producers making voluntary exchanges at rates of exchange that fluctuate for reasons that have nothing to do in the short run with gold supply. Variations in the value of money of all types is a given, and it is one of the functions of the speculators to accept risk that businesses and consumers do not want. Regards, Don