Re: [gang8] Dollar Hegemony Revisited

["Hugh Whinfrey" <econ@xxxxxxxxxxxx>]

William asks:

> >I have no idea what post-fiat era money
> >would consist of, although I believe it would be
> >'cashless' electronic money of some form.
>
> Whether it is fiat money or commodity money, the form is immaterial.
> Money itself is a token that is either (1) convertible to some
> valuable asset or (2) not convertible, meaning fiat money issued by
> the State.  Since barter is totally impractical in the modern era, and
> Hugh predicts the demise of fiat money, he is necessarily predicting a
> return to commodity money.  Now what is the most likely commodity?

I'd wager it might be hot air, seriously.  "Economics" will likely be renamed
"Mnumatics" as a result :-)

Many of the more experimental innovations out there concerning money
involve 'private' barter systems. We also have significant new technology at
our disposal that didn't exist even 10-20  years ago. So there is no reason not
to think outside the box.

Hugh