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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (49278)	1/9/2006 5:26:44 PM
From: gpowell	Read Replies (1) \| Respond to of 110194

Production is simply combining and/or transforming pure and man-made resources to produce an output. In this case, the output is money and the input could by gold, paper, and anything else that would induce the market to demand (and hence use) the money (output). I am assuming that we all agree that at some point the market, left to its own evolution, will move beyond a point at which a commodity, such as gold, is being used directly as a medium of exchange and that enterprises have been formed that specialize in the production of money. The preceding adheres faithfully to the Mengerian theory of the origin of money and the evolution of monetary institutions.