J.WALKER, ILL wrote:
>How can money - as the universal measure of value - function if it
>does not itself have any value? If value is determined by the labour
>time necessary for its production.
It's valorized by the goods and services it can buy, including labor power.
>The last problem I have with the replies is that why does the Bank of
>England still hold gold reserves for all the UK banks and moves them
>from one to another at the end of the days trading? This is also done
>at Fort Knox
More at the Federal Reserve Bank of New York, actually.
>for balancing the accounts between countries. Is this
>just because they misunderstand that it is only paper money enforced
>by military power that gives value.
Many of the world's central banks are selling their gold stocks, and
there's substantial pressure on the IMF to do the same. In other words, the
central banks don't pay that much attention to gold anymore.
Doug
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