Keith:
> But, ever since central banks reneged on their obligation to repay paper
> money with real value (such as gold) on demand, money has become
> increasingly artificial and its perceived value depends upon arbitrary
> decisions by politicians and/or central bankers -- and a credulous public
> -- and on nothing else. Central banks were started in order to supply the
> rapacious demands of governments wishing to fight wars, but nowadays are
> little more than immense scams residing in marble portals which always
> benefit the rich and the middle class at the expense of the poor. "To
those
> that hath shall be given."
>
This raises a very interesting question, that of what comprises "real
value". Paper money has "value" because of political authority and social
convention. Despite the long pretense of Fort Knox, gold has "value"
largely by social convention. I recall when, a few decades ago, the price
of gold was at aprx. Cdn$800 and still going up. It is now far lower than
that, about $200(?). The value of diamonds and other precious stones is
based largely on market manipulation. A well to do Canadian's view of "real
value" would differ enormously from that of a Sub-Saharan refugee's.
Another day of life would be very important to the latter; an SUV to the
former. So, question, could there be a universal understanding of what
comprises "real value"? Perhaps pure water, clean air, basic food and
shelter, peace?
I suppose we would all have to be stripped bare of everything we own to find
out. The refugee probably has a better understanding than the rest of us.
Ed W
