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To: Don Lloyd who wrote (75183)3/4/2001 12:10:37 PM
From: Zeev Hed  Respond to of 436258
 
Don, I completely agree with your last paragraph, and that is why "fiat money" today has become disciplined fiat money, the world markets discipline the printing presses.

Zeev



To: Don Lloyd who wrote (75183)3/4/2001 8:48:28 PM
From: yard_man  Read Replies (1) | Respond to of 436258
 
The statement below presupposes free exchange throughout the world. Doesn't happen right now.

>>The rate of exchange between any two economic goods or services, including all possible forms of money, is entirely due to the variable subjective valuations of all individuals and is determined on an ever-changing margin.
<<

I would add that those subjective valuations are dependent on the free flow of information -- also a bad assumption.