Re: two currencies and Korean war

["Harry Veeder" <eo200@xxxxxxxxxxxxxxxxxxx>]

----------
>From: "John O'Donnell" <jackodonnell@xxxxxxxx>
>To: "J. Barkley Rosser, Jr." <rosserjb@xxxxxxx>
>Subject: Re: two currencies and Korean war
>Date: Sat, Jan 12, 2002, 12:33 AM
>

>"J. Barkley Rosser, Jr." wrote:
>>
>>      Well, there really are all kinds of examples
>> of monies issued by states that end up getting
>> used in other places and even long after the
>> original issuer has stopped doing so.  One of
>> my favorites are Maria Theresa silver dollars,
>> originally issued by the Austro-Hungarian
>> empire in the 1770s when Maria Theresa was
>> the empress.  Of course these were perfectly
>> good chartalist money, accepted by the Hapsburgs
>> for paying taxes, etc.
>
>Does it need saying that payment of taxes is not necessary
>to give value to substance used in standardized barter?


Taxes are necessary to affix _real number_ values to substance.
Without taxation, price information is too fuzzy for investment
decisions.

Harry Veeder