Michael to Andre:
This is exactly what has gone wrong. Government needs to get out of the money
business.
Andre:
So it's the Government's fault?
Michael:
This writer doesn't know economics or history.
Andre:
Well, as former Regional Director of the Central Bank of the Netherlands I
trust he knows his history, his finances and his economics as well as his
statistics Michael.
Michael:
One hundred years ago, the world was still operating on a predominantly gold
monetary standard and
international trade was far, far less than it is today.
Andre:
Now I readily admit that I do not know finances or economics but I thought that
the link between gold and the American dollar was cut under Nixon. If I
remember correctly it was Sri Aurobindo day(August 15),1971.
Michael:
Arbitrage systemically keeps the system clean, by*encouraging* simultaneity of
currency information.
Andre:
Now I have heard of this a bit. I have a member in my family who is currently
developing software to get 'the edge' on 'simultaneity of currency
information'. They are down to milliseconds and his job is to get as close to
zero time as possible. Scary stuff.
Michael:
"Money has therefore acquired a different role".
Some truth to it. Again, government has driven it.
Andre:
Okay, this 'different role' refers to the development that:
If earlier money was primarily a medium of exchange representing the value of
goods and services provided, today money is primarily commodity from which one
can make a large profit. For banks, trade in this commodity has now become
their most important source of income. But the production of goods and services
has not increased accordingly.
Has Government driven this trend of using money 'representing the value of
goods...' to money as a commodity in itself? Is Government responsible for
this? Is Government responsible for the financial bubble farces that have gone
on over the years?
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