[Marxism] The Republicans and the gold standard

Daniel Rocha danieldiniz at gmail.com
Wed Aug 29 11:51:27 MDT 2012


Indeed, they do not have any value at all. By themselves, they represent no
labor. They are much like a promissory note, but which carry the a number
of equivalent to a certain quantity of stuff, like gold, hold by the
national treasure.

As for speculation, sure, it is impossible to avoid price speculation of
any commodities. But the equilibrium, which is related to the labor
associated with money, that is, the value of a commodity, is not. Given
that the stuff hold by the national treasure is not pegged to an universal
equivalent, but to an arbitrary flux of credits, the gauge of an economy
becomes, at least apparently, harder.

2012/8/29 Tom Cod <tomcod3 at gmail.com>

> By this logic cheaply produced
> paper currency, to say nothing of money and credit in computer
> accounts, stocks, derivatives, futures etc. (intangibles that are also
> commodities) would necessarily have less value than precious metal
> currency as currency.
>

-- 
Daniel Rocha - RJ
danieldiniz at gmail.com



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