mcsluggo....
after a very long response which I lost due to technological incompetence on my part, i've shaved my remarks down to the following...
Quote:
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We have already discussed the relative weaknesses of using a commodity with uncontrolled levels of supply (and non monetary sources of demand) as the foundation of a currency regime
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Which is least subject to a controlled level of supply?
Gold, (or some other naturally occuring commodity); or
The electronic 1's and '0s wheeling through computers round the world which comprise our monetary supply.
I would argue that the whim of the Federal Reserve is far less subject to control than the physical supply of gold -- indeed the control of the supply of a fiat currency depends upon BOTH the good intentions as well as the competence of those calling the shots.
One of the supreme advantages of a commodity backed currency, IMHO, is that this inhibits the growth of unchecked and centralized power. To the extent that we may not agree that checking such a thing is a pre-eminent concern, we're likely not to agree generally on monetary stuff.
also, I note where the mavs drafted a tall, white, skinny kid with a funny last name. it's nice to know that somethings never change.