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Very Hot Topic (More than 25 Replies) China's View of Trump's Trade War! (Read 2106 times)
Jeff
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Re: China's View of Trump's Trade War!
Reply #130 - Oct 7th, 2018 at 7:07am
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BobK71 wrote on Oct 6th, 2018 at 9:21pm:
I wrote, "In a real sense, we've never left the gold standard.  It's just that the elites were forced to have major 'devaluations' since 1971."


Well, we first have to think, what was the major feature of the gold standard?
The price of gold in USD was fixed by law and circulating notes could be redeemed for gold coins.
  
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Jeff
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Re: China's View of Trump's Trade War!
Reply #131 - Oct 7th, 2018 at 7:19am
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BobK71 wrote on Oct 6th, 2018 at 10:00pm:
When money is less important, the Western state-bank alliance loses part of the use of its ultimate advantage, its ability to understand money and to control it to benefit itself.
Money is important because it is a store of value that facilitates trade and investment and allows economies to advance beyond the barter stage.

It will remain important. Even if democratic socialists manage to collapse the world economy back to a primitive pre-money hodgepodge of primitive local barter economies, people will recreate money because it is so useful.

I don't really know what sort of political economy you imagine (perhaps you are imagining that government will just fade away as being unnecessary and human life on earth will all be sort of like South Pacific tribes as they were imagined to be in days of yore?) where money will not be important.

Without price information, how will people know where to allocate their resources?


  
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