Re: two currencies and Korean war

["Harry Veeder" <eo200@xxxxxxxxxxxxxxxxxxx>]

William F Hummel wrote,

>David Gleicher wrote:
>
>>I believe it was Henry Liu who at some point stated that chartalism as it
>>is expressed on this list anyway is really the advocacy of a policy rather
>>than being a coherent theoretical position about money and the existing
>>monetary system.
>
>Aside from Liu's strange remarks, I haven't seen "chartalism"
>used on this list as a policy prescription.  In my view it is
>simply a description of the key mechanism by which a modern fiat
>money system operates

We are dealing with the moral science which means questions of description
and prescription are both present. The nature of a money system is an
"ought" as well as an "is". e.g. We can ask ourselves _should_  a fiat money
still be used? Is a gold standard a good thing? To view it as simply
descriptive is to submit to the "tide of history".

Harry Veeder