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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (11945)	9/3/2001 4:42:54 PM
From: sea_urchin	Respond to of 82746

marcos, I am one who does not believe in the immutable value of money. As far as I am concerned, money is simply a medium of exchange, like a check or credit card and, therefore, does not have to a noble metal. Even in places like India or South Africa, where the local currency continually devalues, exchange with other countries can be effected in a 'hard' currency, of which there are many while, within the particular country, depreciating paper money is fine to use as a medium of exchange. So, to me, gold is NOT money. It is certainly an investment, especially when a currency is threatened with devaluation but, as a medium of exchange, there I beg to differ. In fact, there is so little physical gold in relation to the volume of commercial transactions which take place globally that even if gold was, magically, decreed to be money it simply couldn't function --- despite what the goldbugs keep telling us.