[Marxism] The Republicans and the gold standard

Tom Cod tomcod3 at gmail.com
Wed Aug 29 12:12:26 MDT 2012

No, the currency is not pegged to a commodity resource like gold at
all.  That was done away with by Nixon in 1971, completing a process
started by FDR in 1935.  The only thing behind a currency is what you
can buy with it and people's willingness to accept it. Roberts article
deals with this in detail and the schools of thought around it.  And
contrary to what many "gold bugs" think, gold really has little value
in itself beyond decoration, as an electrical conducter and tooth
filler and under extreme circumstances of a barter economy, the long
historical credence of this item as currency could also be rendered
relatively worthless if people lost "faith" in it.

On Wed, Aug 29, 2012 at 10:51 AM, Daniel Rocha <danieldiniz at gmail.com> wrote:

> 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.

More information about the Marxism mailing list