From: jamesd@echeque.com
Date: Thu, 28 Mar 1996 09:35:46 +0800
To: cypherpunks@toad.com
Subject: Re: (X:x)e$ 's other use
Message-ID: <199603270702.XAA03398@dns2.noc.best.net>
MIME-Version: 1.0
Content-Type: text/plain


At 04:05 PM 3/26/96 EDT, E. ALLEN SMITH wrote:
> The
> Fed has done an actually rather admirable job of standing up to the pressure

Every couple of years the politicians start leaning on Greenspan.  Greenspan
lets it be known they are leaning on him, the money markets mark the 
dollar down and the politicians stop leaning on him.

The Greenspan standard is not a good as a gold standard, but its not bad.  Only
trouble is he is mortal, unlike gold.

Come to think of it, there is actually some crypto relevance here:  Internet 
currencies will be necessarily non physical and it will be difficult to go
after the issuer in the event of default, so the best currency will have a
value that depends on peoples belief that the issuer will defend the value
of the currency.
 ---------------------------------------------------------------------
              				|  
We have the right to defend ourselves	|   http://www.jim.com/jamesd/
and our property, because of the kind	|  
of animals that we are. True law	|   James A. Donald
derives from this right, not from the	|  
arbitrary power of the state.		|   jamesd@echeque.com