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Message:: [QUOTE="EWC3, post: 7854209, member: 93416"]No support? No criticism? Am I maybe the only person here who understands the operation of the economy these days? Anyhow - since I just typed up a footnote relevant to this thread, its easy enough  to paste  it here: Miskimin, prominent in the period when the USA maintained a gold standard, suggested that in 14th century France, prices and bullion content of coin were “precisely” aligned, and that "sophisticated" members of the public were “not fooled” by government manipulations of seigniorage. (Harry Miskimin, "Agenda for Early Modern Economic History." The Journal of Economic History 31, 1971 pp 172-83). Thirty years later, the gold standard was gone, fiat is the fashion, and now Sargent judged that John Locke was not “sophisticated” but rather an “embarrassment” and an “idiot” for promoting exactly the same philosophy. (Sargent & Velde, The Big Problem of Small Change, Princeton, 2003 p. 287 ff). Watching historical judgment turned on its head to match contemporary political ideology within my own lifetime has left me with diminished respect for these sort of people (Yale professors, Nobel Laureate economists and such like) People led to form their judgements solely by watching TV documentaries on "looted" coins should probably take note of this, and wonder who might be trying to lead them by the nose, and why. Rob T[/QUOTE]