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<p>[QUOTE="V. Kurt Bellman, post: 2876909, member: 71723"]Younger than I, too. That's what makes us both irrelevant. We're the dinosaurs. We need to stop infecting those younger than us with our 1964-1971 <i>zeitgeist</i>. What we (our generation) worried about made sense up until then, and what we were taught early in our lives (that junk about money backed by metal) just doesn't count for squat any more. Eliminating specie money remains one of the most brilliant moves in the history of economics.</p><p><br /></p><p>I think coin people remain painfully unaware just by how much the final closing of the gold window changed the world for ALL TIME TO COME. Nothing from that time on was even conceivable to those who came before, and nothing before then should even matter any more. But you can't say that to people who worship "the good old days". Sure, if we had "forced" ourselves to stay on specie currency, nominal prices would be much lower now, but our typical standard of living would be much, much, MUCH lower too. And the distribution of income problem would be far more severe than it is.</p><p><br /></p><p>Money is the economic "oil" that lubricates a modern economy. Restrict it to the amount of anointed metals that can be dug out of the ground and the gears of the economy would have long ago ground to a halt and seized up.[/QUOTE]</p><p><br /></p>
[QUOTE="V. Kurt Bellman, post: 2876909, member: 71723"]Younger than I, too. That's what makes us both irrelevant. We're the dinosaurs. We need to stop infecting those younger than us with our 1964-1971 [I]zeitgeist[/I]. What we (our generation) worried about made sense up until then, and what we were taught early in our lives (that junk about money backed by metal) just doesn't count for squat any more. Eliminating specie money remains one of the most brilliant moves in the history of economics. I think coin people remain painfully unaware just by how much the final closing of the gold window changed the world for ALL TIME TO COME. Nothing from that time on was even conceivable to those who came before, and nothing before then should even matter any more. But you can't say that to people who worship "the good old days". Sure, if we had "forced" ourselves to stay on specie currency, nominal prices would be much lower now, but our typical standard of living would be much, much, MUCH lower too. And the distribution of income problem would be far more severe than it is. Money is the economic "oil" that lubricates a modern economy. Restrict it to the amount of anointed metals that can be dug out of the ground and the gears of the economy would have long ago ground to a halt and seized up.[/QUOTE]
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