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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Peter Dierks who wrote (261069)	4/9/2008 9:43:22 AM
From: c.hinton	Respond to of 281500

There is an interesting analogy where oil is seen as energy potential and gold,being very energy intensive to produce represents that potential realized in a quasi monetary and immutable form. wampum of north american indians worked much the same way.....it was a cross between rarity of the shell and the labor necessary to produce the bead that determined the value when european traders realized the relationship they imported masses of the beads made from shells and cheap labor in india where they were common ...the end result was a debasement of native currency entirely to the benefit of traders.