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To: Don Lloyd who wrote (67)	3/27/2001 12:31:11 AM
From: Ilaine	Read Replies (2) \| Respond to of 443

>>Anything you can do with a dollar can also be done with a gold certificate<< Gold can't create money out of thin air - money can be created out of promissory notes. If I do $1000 worth of legal work for you but you give me postdated checks, which I take, you've monetized your promise to pay and I've accepted it. Further, I can negotiate your promissory notes before they come due by selling them to a third party, although I will have to discount them. Your promise to pay is probably worth less than Bill Gate's promise to pay but probably worth more than the promise of some alcoholic living in a trailer park. If you are willing to sell the promise of winos cheaply enough, even they may have some intrinsic value. The problem you face in trying to persuade me is that by nature I am an anthropologist on Mars. People all over the world and all throughout time did not have access to stores of gold but muddled through anyway.