Re: RE: Re: The exchange value of currencies

["Romain Kroes" <romain.kroes@xxxxxxxxxxxx>]

> Given the gold standard, Marx's theory did have a role for exchange rates.
> Somewhere in volume III of CAPITAL, he wrote that if too much fiat money
was
> produced, the exchange rate between it and gold would fall (so that it
would
> lose value relative to gold). (This is hardly controversial, by the way.)
>
> -- Jim Devine
>
Looking for where the money of surplus value comes from, Marx answers : gold
producers (B.2, addendum to 21th chapter). This means that he did not
envisage issuing money, but from an exchange against some gold production.
Is it not a gold standard?
As for Marx's value of money with respect to gold, it is nothing but
Locke's, that is to say the following quantity theory of money which is
highly controversial. Is it not?
Regards
Romain Kroës