This particular Warburton piece was posted by gold bugs but he is not a gold bug per se. He is fanatic about debt - and who can blame him? What he and others like David Tice and Doug Noland contend is that non-money forms have distorted the economy. That is the strength of their argument in my view, highlighting the role that financial innovation (engineering) have played in recent years. Of course, the danger of this world view is that it ignores the role of the "social productivity of labor" and has a rather narrow view of the role of the state (and this is, in the end, is probably what makes their arguments attractive to the gold bugs.)
Stephen F. Diamond School of Law Santa Clara University [EMAIL PROTECTED]
