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The information on Groklaw is not intended to constitute legal advice. While Mark is a lawyer and he has asked other lawyers and law students to contribute articles, all of these articles are offered to help educate, not to provide specific legal advice. They are not your lawyers.

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How to pay?

Authored by: Wol on Wednesday, June 05 2013 @ 07:59 AM EDT

Well, what ISN'T "counterfeit" currency? What makes a piece of paper
with special markings any different from a lump of metal with special markings?

After all, gold, platinum (especially) and silver have very little inherent
value other than that we view them as special. The main thing that marks out a
good item to use as currency is scarcity (in the sense that it's hard to create
on demand). So even it's arbitrary value and fiat currency, it's difficult to
deflate its value because you can't create more.

Don't forget, even in the days of gold and silver, the currency was regularly
devalued. You Americans don't have enough history to remember, but the dying
days of the Roman Empire was marked by strong inflation. Henry VIII debased the
currency badly to pay for his navy. And the Civil War caused massive inflation.

The Gold Standard is a fraud. Just like all the rest.

Cheers,
Wol

[ Reply to This | Parent | # ]

How to pay? - Authored by: Anonymous on Wednesday, June 05 2013 @ 12:01 PM EDT

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