Ditto.
- Original Message -
From: Michael Pollak [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Thursday, July 12, 2001 9:20 PM
Subject: [PEN-L:15076] Re: Re: RE: Re: RE: Re: RE: Re: Gold
On Thu, 12 Jul 2001, Michael Perelman wrote:
David, I am not sure that anybody but you and Jim
PM
Subject: [PEN-L:15076] Re: Re: RE: Re: RE: Re: RE: Re: Gold
On Thu, 12 Jul 2001, Michael Perelman wrote:
David, I am not sure that anybody but you and Jim are following this
discussion.
Actually I'm enjoying Jim's responses a lot.
Michael
In reply to Jim Devine:
Instead of engaging in a specific point-counter-point, let me make a series
of comments and ask a couple of questions that are generally responsive to
your statements.
1. What is the evidence that the gold standard had anything to do with the
economic contraction in
David, I am not sure that anybody but you and Jim are following this
discussion. What you claim would be largely orrect in a world without
any credit whatsoever. Anyway, if this is not of general interest, maybe
it could continue with you an Jim offlist?
On Thu, Jul 12, 2001 at 06:59:44PM
Michael:
I don't thnk it should be pushed off list, but if it is, I'd like to be included.
Joel Blau
Michael Perelman wrote:
David, I am not sure that anybody but you and Jim are following this
discussion. What you claim would be largely orrect in a world without
any credit whatsoever.
On Thu, 12 Jul 2001, Michael Perelman wrote:
David, I am not sure that anybody but you and Jim are following this
discussion.
Actually I'm enjoying Jim's responses a lot.
Michael
__
Michael PollakNew
I wrote:
what is meant by neutral with respect to interest rates?
David Shemano writes:
I mean that the Fed would stop its search for the holy grail of the
perfect interest rate at any given moment of time. The Fed would not
focus on the bond market, unemployment, capacity utilization, or any
Therefore, it is critical to my argument that, generally speaking, a
change
in the gold price is NOT a reflection of a change in the scarcity of gold,
but a reflection of a change in the scarcity of the currency.
Gotcha.
There are a couple of assumptions that we don't share. The first is
I am a believer in the price system as the best way to determine
production
and allocation of resources. In order for the price system to work most
effectively, I want a change in prices to represent information other than
a
change in the quantity of the unit of account.
Except what you
Christian Gregory writes:
---
I am a believer in the price system as the best way to determine
production
and allocation of resources. In order for the price system to work most
effectively, I want a change in prices to represent information other than
a
In reply to Jim Devine:
what is meant by neutral with respect to interest rates?
I mean that the Fed would stop its search for the holy grail of the perfect
interest rate at any given moment of time. The Fed would not focus on the
bond market, unemployment, capacity utilization, or any other
Christian Gregory wrote:
--
More importantly, how could the gold standard be neutral with respect to
the
business cycle, unless you think that credit demand and the business cycle
are completely unrelated? The whole point of a price-specie flow model is to
balance the
Jim Devine writes:
I think one problem is that you seem to assume that capitalism is merely a
bunch of mutually-beneficial exchanges between individuals. This misses the
class and expansionary nature of capitalism.
Where did this come from and what does this have to do with the topic at
hand?
Jim Devine writes:
(The previous email in response was sent prematurely).
I think one problem is that you seem to assume that capitalism is merely a
bunch of mutually-beneficial exchanges between individuals. This misses the
class and expansionary nature of capitalism.
Where did this come
I wrote:
I think one problem is that you seem to assume that capitalism is merely a
bunch of mutually-beneficial exchanges between individuals. This misses the
class and expansionary nature of capitalism.
David Shemano wrote:
Where did this come from and what does this have to do with the topic
At 05:50 PM 06/28/2001 -0700, you wrote:
Jim Devine writes:
The supply of money also fluctuates despite the efforts to anchor it to the
gold reserve.
-
Where did I say, Wanniski say, or any other person who suggests that the
Fed should operate on a gold standard suggest
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