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To: 10K a day who wrote (90972)	9/30/2007 9:55:34 PM
From: neolib	Respond to of 306849

Money is created w/ an accounting entry w/ no consideration. It's all so easy if you accept this postulate. I agree that money is created with an accounting entry, but the w/o consideration part is an issue. When the latter is true, problems follow. On the other hand, the camp that wants a hard currency with intrinsic value equal to real asset value strikes me as a group that wants an economy operating at 50% efficiency. I don't find that very appealing. The question is what set of rules are needed so that money created with an accounting entry proves to be a useful concept, and not a problem. People bartering goods and services have a liquidity problem. People with paper money can have inflation problems. If you read economic papers, they have all sorts of theories as to how to bridge this gap. It clearly does not look like in practice anyone really has it all figured out yet. People call the Feds fools and people praise them. Which is it? If the various proponents of different monetary views had to do their own reality show and explain their salient points it might be useful. Some of them might look surprisingly like hoaxes.