1993-10-20 - Re:backing

Header Data

From: peb@PROCASE.COM (Paul Baclace)
To: F_GRIFFITH@CCSVAX.SFASU.EDU
Message Hash: df48ed8722eb8c47029a82ccbaf029cdd9aa173b333bb0740099c391ff00f879
Message ID: <9310202105.AA03884@banff.procase.com>
Reply To: N/A
UTC Datetime: 1993-10-20 21:07:50 UTC
Raw Date: Wed, 20 Oct 93 14:07:50 PDT

Raw message

From: peb@PROCASE.COM (Paul Baclace)
Date: Wed, 20 Oct 93 14:07:50 PDT
To: F_GRIFFITH@CCSVAX.SFASU.EDU
Subject: Re:backing
Message-ID: <9310202105.AA03884@banff.procase.com>
MIME-Version: 1.0
Content-Type: text/plain



>Greshams law: "bad money drives out good"

Yes, but the money changers in Moscow are fairly busy converting bad money
to good.  Certainly, people will spend the bad money as soon as they get it,
so it circulates more, but for long term storage (which in Russia could mean
a few weeks at the rate of inflation they have (was in the quadrillions annually
a few months ago)), the higher quality money is used.


Paul E. Baclace
peb@procase.com






Thread