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On Fri, 26 Apr 2002, Jeff Weisberg wrote:
> except that gold is just as much a fiat currency as our dollars are today.
> it has no (significant) intrinsic value, its value is derived from people
> having faith in its usefulness in transferring wealth, just like our
> paper money.
This is not at all true. Gold has value in many industrial processes, in
addition to people's faith in it as a store of wealth. Although the real
advantage of gold over fiat currency is that government cannot arbitrarily
create more of it out of thin air.
Offlist, anyone?
Wayne
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