Shane: > If all moneys were fiat moneys no government that owned a printing > press or a foundry would have ever gone into debt, and Zimbabwe would > today be the richest country in the world.
We disagree Shane. There is no difference between who "owns" THE printing press and who "owns" THE gold. If I own THE gold, I can print as much money as I like by re-numerating my currency in smaller and smaller amounts of gold. Zimbabwe is not the richest country on earth because their printing press is not the most credible to the rest of the world (that is, Zimbabwe does not own THE printing press) nor do they own any respectable amount of "gold." The entire issue is about "credibility." As an old fellow once said: "The tradition of all dead generations weighs like an Alp on the brains of the living ..." Now, go figure what I meant! Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
