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The intention of The
Golden Chalkboard is to feature a focused selection of data
or rare commentary that I think will be useful to enhance your
insights into the gold market and the monetary system.
A Hard Look at 'True Money'
Aristotle (10/13/03; 23:29:04MT - usagold.com msg#: 110354)
A generally related item
(basically re-chewing old cabbage)
During the usual times when it wasn't so vividly perceived by
the masses that outstanding claims "outweighed" the
tangible deposits, can you imagine what effect that general condition
had upon the per unit purchasing power?
To say "Gold is money" is to give bankers full licence
to treat it like money, thus throwing open the door to lost purchasing
power of the metal and giving rise to ambiguous notions of OWNERSHIP.
The reason to pursue the concept and cement in our minds the understanding
of Gold = wealth is to aid in putting to rest the misguided pursuits
promoting its use as Money (actually, toward that end it can never
be more than Currency) among the folks who aren't content to simply
let Gold be Gold. Soooooo.... call it Wealth if you must call
it something (and indeed you should call it that!) but DON'T call
it money unless you're willing to retract your statements if ever
wisdom visits you like puberty some fine day.
Gold. Discover you the Nature of Things. A beautiful quest if
ever there was one. --- Aristotle
Aristotle (10/14/03;
03:01:32MT - usagold.com msg#: 110359)
To ALL on the topic of
honest money
To offer up the culmination of a long inquiry into the nature
of money from the humblest beginnings, two things come immediately
to the fore.
1.) An understanding of money -- Form and Function -- requires
*REQUIRES* an understanding of banking. This, to the extent that
a person can't hope to claim a mastery of the monetary phenomenon
that exceeds his or her mastery of banking as a System of Practices.
2.) Money is more about the Rule of Law than anything else.
Loooooonnnnng trudging will eventually root out even the most
entrenched preconceived notions about Gold in all of this. In
the end, we're left with this unobstructed view of the horizon:
Banking institutionalizes the accounting of Money; Rule of Law
provides the vitality of contracts (wages, loans, purchase orders)
which, forming an interconnected network of settlements and expectations
of settlements, gives rise to (and, at the same time, gives insight
into) the Value that a society engenders in its monetary unit.
The role of Gold in the whole affair can be seen naturally as
a passing phase in which the universal barter agent of Gold lumps
evolved into standard Gold currency serving furthermore as a catalyst
helping the Monetary phenomenon to set up and gel as a pure numerical
system.
The problem with Gold's low bartering/exchange/market/wealth value
today is that it hasn't yet been set free again to behave a pure
Property. It remains encumbered in a certain element of the banking
system as a token behind an artificial valuation established by
derivatives.
As I tend to characterize it, it would seem that the Dollar-brand
prototype of Money was never fully and fairly allowed to "gel"
under standard Rule of Law within an uncoerced marketplace. As
a result, the risk today is that the Dollar would collapse in
a heap like so much premature quiche if LOW PRICED Gold were removed
(i.e., becomes high priced Gold) as the ongoing stabilizing agent
in the dollar's ongoing attempt at earning its own monetary wings.
The euro is trying not to make that mistake. It wants the marketplace
to form a stable network of pricing and contracts without false
pretenses with respect to Gold. If it succeeds, it will be the
world's first fully fledged Money -- in the most Proper use of
the word!
The euro could in fact be called honest money, if you like. That
is, as honest and as trustworthy as the Rule of Law that stands
in the background to enforce contracts.
But as we know, Rule of Law today is not one and the same predicable
Rule of Law tomorrow. It blows around a bit due to political will.
Therefore, we'll always want honest Gold property used as our
core Wealth Savings. We'll own it to compensate for our human
inabilities to provide ourselves with a PERFECT Money.
In other words, because we have to settle for using, at BEST,
a system of honest money which is always humanly flawed, we need
Gold to return to its ANCIENT job description as perfect property.
The kind of stuff that can be OWNED, not "as money,"
but rather, OWNED....... (wait for it......).... UNAMBIGUOUSLY!!!!
I hope this doesn't make anyone choke on their breakfast!
Gold. Get you some. --- Aristotle
Belgian
(10/14/03;
03:13:19MT - usagold.com msg#: 110361)
Ari.....AAAAARIIIIII.....
THIS IS ONE OF YOUR GREATESTS POSTINGS I HAD THE HONOR OF READING
!!!
I am speechless and saw the "unobstructed horizon "
!
THANK YOU SIR !
Belgian
(10/16/03;
08:13:47MT - usagold.com msg#: 110467)
@Ari
Gold Advocates do remain very tolerant and with lots of understanding
for the dullness of the Gold-message, perceived as such, by most
(if not all) *modern*, young, financial adventurers !!! Emphasis
on "modern" and "adventure".
Dull boring Gold, out of competition with blood-clotting, exciting
dot-bomb, stocks plus derivative-runs...roller coasters...lotteries...paper
crazes...
Cooney island...Vegas casino or the silence of Gold ?
Your msg#110359 was so immensely condensed, that 90% is not (correctly)
understandable for any Gold novice. Note, that I'm still rereading
it myself. But the FOA-snippits that TIH posted at the same time,
helped a lot.
The Gold containers know exactly how ignorant people are and how
easely the sheeple are mis-leaded. ALL majorities are always right...up
until reality says they had it completely wrong...all the time.
It will NOT be different with Gold. The Gold Revaluation will
take ALL paper-smarties BY SURPRISE ! No dingdong bell will sound
the alarm. Inconvenient, isn't it Sir Ari ?
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