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To: pater tenebrarum who wrote (4497)	6/8/2001 5:24:07 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

<<Saving can be done by way of share ownership. >> < that's investing, not saving. i know it is nowadays popularly confused, but it is really not the same thing.> Hang on a minute, I was replying to what you wrote: >all an additionally printed dollar does is debase the value of all remaining outstanding dollars. no value is created, it's just a piece of paper. what it DOES do, is punish all savers.> I agree that buying shares is investing and I was sloppy in usage, but savings is the process of having surplus coconuts. If the coconuts are being stolen or inflated, as is the case with Green$pan printing, I was suggesting that all savings be converted immediately to shares. That way, there is no punishment to savers who prefer not to own the inflated money. I don't think that printing money creates value [other than as a way of funding the management of the money supply]. I did say that most people consider the government taking the coconuts [by slyly printing more credit notes for coconuts] is creating social value better than is created by individuals keeping their coconuts for themselves. I happen to disagree with that idea [for nearly all government spending]. Reading Jay's early Chinese adventures, I dare say he agrees that governments confiscating people's coconuts, sausages and nausages does not create value. Mqurice