1993-10-21 - Re: backing

Header Data

From: Alexander Reynolds <chrome@jhunix.hcf.jhu.edu>
To: “Perry E. Metzger” <pmetzger@lehman.com>
Message Hash: b86497a8c2501fcd28ce20427d1335ec3da92dd2c5398c2ef6cf67fdbd11eaac
Message ID: <Pine.3.05.9310211533.B2512-9100000@jhunix.hcf.jhu.edu>
Reply To: <9310211911.AA22179@snark.lehman.com>
UTC Datetime: 1993-10-21 19:42:48 UTC
Raw Date: Thu, 21 Oct 93 12:42:48 PDT

Raw message

From: Alexander Reynolds <chrome@jhunix.hcf.jhu.edu>
Date: Thu, 21 Oct 93 12:42:48 PDT
To: "Perry E. Metzger" <pmetzger@lehman.com>
Subject: Re: backing
In-Reply-To: <9310211911.AA22179@snark.lehman.com>
Message-ID: <Pine.3.05.9310211533.B2512-9100000@jhunix.hcf.jhu.edu>
MIME-Version: 1.0
Content-Type: text/plain

> This is not what Gresham's Law says.
> Gresham's Law is that if there are two kinds of coins that are stated
> by law to have equal value, the one thats actually worth less because
> of metal content will be the one that you spend first. It doesn't
> apply in this instance at all.
> Perry

I think Gresham's Law applies to authority-influenced currency.  I'm
trying to get a hold on this quote so hold on.