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Re: [Pen-l] Many happy (Austrian) returns



On Fri, Oct 24, 2008 at 7:47 AM, Shane Mage <shmage@xxxxxxxxxxxx> wrote:
>
> > On Oct 24, 2008, at 12:26 AM, Sean Andrews wrote:
>
> >Just out of curiosity, other than gold and what Dr. Paul calls "fiat
> >money," what other option is there?  Using shells? shiny beads? labor
> >chits? It is gold and the free market or nothing at all.
>
> There is another option, you know: socialization of the banking system
> together with a gold standard--like the USSR in the 1920's, when the
> currency was anchored on the gold ruble (chervonets). In the policy debates
> under NEP among Trotsky, Bukharin, Sokolnikov, Preobrazhensky et. al., that
> was not in question.
> Shane Mage

Sure; not everyone thinks the free market or gold are super ideas.  I
meant, when the Austrians and Ron Paul harp about "fiat money," aren't
they really just asking for a gold peg?

s
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