[LMB] Money (eventually on topic)

Howard Brazee howard at brazee.net
Thu Nov 19 19:08:00 GMT 2020



> On Nov 19, 2020, at 11:40 AM, Matthew George <matt.msg at gmail.com> wrote:
> 
> The trouble with the concept of value is that it has both subjective and
> objective aspects.  Types of materials, like gold, silver, platinum, or
> gemstones are valuable only because we value them - and in many cases they
> have their particular value only because of market manipulation.  Diamonds
> are an especially well-known example; they would be much cheaper if a
> cartel didn't limit the supply.  But value cannot be *arbitrarily*
> increased, or decreased for that matter.  It's as though humanity were
> playing a game whose rules were alterable but subject to poorly-understood
> metarules that we did not establish and don't seem able to change.

Just because a currency has an intrinsic value doesn’t mean that we can trust that value to be reliable.   History shows so many times when gold or silver or land or tulips have not kept their values.


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