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RE: Re: [Pen-l] Re: Gold money is fiat money too.
Jim Devine writes:
>> Why would one not believe in fiat money? is the US government (the
>> issuer of much of the stuff) about to go broke, fall apart in a civil
>> war, and/or be replaced by a congress of workers' soviets?
I know you are a smart guy, so I am sure I am at fault for thinking "what is Devine thinking?"
The issue is not "belief" in fiat money -- fiat money is money. The question is whether one should believe that fiat money will retain its value compared to commodity based money. I think there is plenty of evidence for reasonable people to believe that, over time, a dollar of fiat money is going to lose value (i.e. one dollar today will buy more goods and services than one dollar in the future), while money linked to a commodity (e.g.. gold) will not lose its value over time, especially compared to fiat money. Is that really controversial?
David Shemano
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- Thread context:
- [Pen-l] Performance of gold, SP500, and 30-Yr T-Bond in last 5 years, (continued)
- [Pen-l] Performance of gold, SP500, and 30-Yr T-Bond in last 5 years,
Julio Huato Sat 31 Jan 2009, 20:50 GMT
- [Pen-l] Performance of gold, SP500, and 30-Yr T-Bond in last 5 years,
Julio Huato Sat 31 Jan 2009, 23:34 GMT
- [Pen-l] Performance of gold, SP500, and 30-Yr T-Bond in last 5 years,
Julio Huato Sun 01 Feb 2009, 03:06 GMT
- [Pen-l] Fwd: S&S Call for Papers,
Julio Huato Sat 31 Jan 2009, 01:46 GMT
- RE: Re: [Pen-l] Re: Gold money is fiat money too.,
David B. Shemano Sat 31 Jan 2009, 01:05 GMT
- [Pen-l] note on Moore, Horizontalists,
Gernot Koehler Fri 30 Jan 2009, 17:33 GMT
- [Pen-l] Stimulus Pork,
michael perelman Fri 30 Jan 2009, 02:24 GMT
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