Jim Devine writes: >> Why would one not believe in fiat money? is the US government (the >> issuer of much of the stuff) about to go broke, fall apart in a civil >> war, and/or be replaced by a congress of workers' soviets?
I know you are a smart guy, so I am sure I am at fault for thinking "what is Devine thinking?" The issue is not "belief" in fiat money -- fiat money is money. The question is whether one should believe that fiat money will retain its value compared to commodity based money. I think there is plenty of evidence for reasonable people to believe that, over time, a dollar of fiat money is going to lose value (i.e. one dollar today will buy more goods and services than one dollar in the future), while money linked to a commodity (e.g.. gold) will not lose its value over time, especially compared to fiat money. Is that really controversial? David Shemano _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
