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It's the threat of counterfeit that would drive people away from using dollars as money, not that gold in of itself would be more preferred than dollars.
Precisely. Under this scenario the velocity of greenbacks goes up while for gold it remains stable. luis_de_sousa@mastodon.social
- Jake Friends come and go. Enemies accumulate.
I believe - and you seem to agree - that money should store value only long enough that its depreciation is not an inconvenience in ordinary transactions, because money is an instrument for organising transactions. In this picture, the failure to store value over years or decades says nothing about the suitability of currency to function as money, because money only needs to store value on the order of weeks and months.
There are huge parallels here to the financialization of commerce that brought the booms and busts.
Gotta have booms and busts. Higher money velocity generates higher returns for financial parasites. I'm reminded of Kurt Vonnegut's analysis of lawyers:
"To encourage movement of money and always take ten percent." Align culture with our nature. Ot else!
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