Re: [Pen-l] Re: Gold money is fiat money too.

[Shane Mage <shmage@xxxxxxxxxxxx>]

On Jan 30, 2009, at 5:21 PM, Laurent GUERBY wrote:

In the internet age you can practically move away from fiat currency if
you want too: buy and sell gold/whatever ETF and keep the strict minimum
of fiat currency on your regular account (including the right amount
the day you pay your taxes). One click per day.

No you can't.  Money is used to settle debts (that is what money is--legal tender, the "medium of deferred payment").  No debt contract has contained a gold clause since 1932.  All you do is make yourself a perpetual speculator going broke from transaction costs.

Shane Mage

This cosmos did none of gods or men make, but it

always was and is and shall be: an everlasting fire,

kindling in measures and going out in measures."

Herakleitos of Ephesos

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