[Marxism] The Republicans and the gold standard

Daniel Rocha danieldiniz at gmail.com
Wed Aug 29 12:18:58 MDT 2012


I didn't write that currency is pegged to a commodity. I wrote that it is
pegged to a speculative flux of credits, but pegged to gold should be
better because it is apparently make it easier to control the economy. The
price of gold is speculative, and it varies, but its value is not, and
relies in the labor applied to it, as just in relation to any commodity. If
its value of use can be related to cosmetics or arts, that is another
issue, related to fetish in beauty.


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

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> Rule #1: YOU MUST clip all extraneous text when replying to a message.
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>
> 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.
>
>


-- 
Daniel Rocha - RJ
danieldiniz at gmail.com



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