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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (27799)	1/25/2003 7:42:16 PM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

Jay, the fun is just beginning for monetary history, which is merely the exchange of value between people. Money is becoming friction free. Shares, land, houses, gold, coal, oil, paintings, are all becoming cheaper to transact. I certainly don't think monetary history has ended, nor do I think history has ended [though the biological world of DNA mutation and evolution is ending after a billion year innings]. I've read a lot of Uncle Al's writings and it's wrong to call him an Aztec believer. He is very far from that. He would not advocate a return to a gold standard. He has said that the gold standard restricted governments which was a good thing. He as recently as December discussed, briefly, the danger of fiat currencies and the political systems which support them. He pointed out that while over many decades, a gold standard keeps prices stable, getting from the beginning to the end of the period sees huge volatility in prices. Life does not travel smoothly with a gold standard. Prices are not stable. You might have heard of the Great Depression. Perhaps even the big crash of 1929. There was a gold standard then. How gold bugs can think that basing money on gold is any better than basing it on pixelation and Uncle Al's promise, backed by Uncle Sam, is beyond me. The cost of a fiat money system is zero. The cost of gold is $200 an ounce. Not to mention external costs such as air pollution, traffic congestion [forced on other business by the gold digger's vehicles] etc, etc.... Gold is a cruel joke. The poor buggers who got sucked into the Biotelecosmictechdot.com mania are perhaps now [some of them certainly will be] putting their last chips on gold at $370 an ounce, hoping to finally hit the jackpot. Eternally gullible. There seem to be plenty of low cost, friction free, money systems for me to choose from without going Aztec. I do need to pick the winner to look after my cash, while I wait to spend some or find a supersonic cyberspace investment. At present, I'm making do with the US$. Not totally satisfactory, but I expect that within 6 months I'll have gone shopping. Maybe sooner. It's on call. Can you point to Uncle Al kneeling at the Aztec Altar somewhere please? I would love to see his sermon about it. Mqurice