Message Hash: 933c67e842d60af81dc8a2ff5f69d6daa57b082279e305c10ce5f44416073f04
Message ID: <931020125339.22e1cf04@CCSVAX.SFASU.EDU>
Reply To: N/A
UTC Datetime: 1993-10-20 17:57:45 UTC
Raw Date: Wed, 20 Oct 93 10:57:45 PDT
From: F_GRIFFITH@CCSVAX.SFASU.EDU Date: Wed, 20 Oct 93 10:57:45 PDT To: firstname.lastname@example.org Subject: Re:backing Message-ID: <931020125339.22e1cf04@CCSVAX.SFASU.EDU> MIME-Version: 1.0 Content-Type: text/plain From: CCSVAX::F_GRIFFITH 19-OCT-1993 16:06:40.42 To: SMTP%"email@example.com" CC: F_GRIFFITH Subj: Re: backing? peb:if a currency loses reputation (value) people will switch to a better reputation (value) currency (paraphrase) Greshams law: "bad money drives out good" i.e. where people have a choice (e.g. gold vs greenbacks post Civil War), in making payments, they will use the lesser value money and keep the higher value. Thus, the lesser value money will circulate, the higher value money will not.