From: GRABOW_GEOFFREY@tandem.com
Date: Wed, 4 May 94 23:06:57 PDT
To: cypherpunks@toad.com
Subject: Re:The Value of Money
Message-ID: <199405042310.AA9529@comm.Tandem.COM>
MIME-Version: 1.0
Content-Type: text/plain



blancw@microsoft.com writes:
>I understand this much:  there is some gold and other actual metal
>located in a vault, sitting there as a symbolic standard of wealth,
>worth, value.  Everyone stakes a claim to it, and they exchange that
>claim to others in substitution for something else (dog, rifle, gas in
>the car, baby-sitting).  These claims can circulate as fast as a
>computer can calcualte & transfer them, and that is all that circulates
>while the standard continues to sit in the vault, not being used for
>anything by anybody.  As long as you hold a claim to this lump of
>stuff, you're Somebody  -  a force to contend with in the Market Place.

Didn't Nixon take the U.S. off of the gold standard?




                                                     G.C.G.

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