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<p>[QUOTE=&quot;EWC3, post: 7841122, member: 93416&quot;]Thanks for raising an important matter (at last!).&nbsp; On my general positions - it seems likely to me that if we went back onto gold there would be a financial catastrophe immediately.&nbsp; If we stay with fiat there will very probably be an equivalent financial catastrophe fairly soon. What to do? Enjoy it while you can would be most people’s reaction, and suppose is mine too.</p><p><br /></p><p>But its curious to look at how people’s historical understandings of this matter are so much in flux. Back when I was a nipper, top UK academics all believed that there was a seigniorage on ancient and medieval precious metal coinage, most top US academics held that there was not. Its taken me about 45 years to figure out why they differed.</p><p><br /></p><p>I judge it was because the British delegation at Bretton Woods, 1944, were for ending the gold standard, but the US side were not.</p><p><br /></p><p>What took me 45 years was to come to terms with is the enormous extent to which top academics pander to the interests of their political paymasters. While near everyone else panders in turn to top academics. Its a strange world.</p><p><br /></p><p>Rob T[/QUOTE]</p><p><br /></p>

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