Re: Moneyness by FOFOA
Posted: 30 Jan 2012, 12:50
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Missing the point hereMalcolm wrote:It looks like I need to read more Dutch financial history.
Best you can do is to study trustworthy information. There is a lot available on the internet. I give you 1 example:Malcolm wrote:Boefke,
>Missing the point here
Reading your blog entry, and Indy's comment, I was reminded that I know very little about the Dutch experience.
Malcolm
In fact he does here Malcolm. But beware, As Mises describes Money has only one function......medium of exchange.Malcolm wrote:There is an interesting comment about 'moneyness' by FOFOA in "Glimpsing the Hereafter".
FOFOA writes:
"Currency’s main purpose is to lubricate the flow of value. Gold’s main purpose is to store or stockpile value. Stock and flow. Gold and currency. Currency will also store value for periods of time, but that is not its main purpose. If currency happens to behave as a temporary store of value, that’s only a secondary effect created by its suitability to its primary role."
I think it safe to say FOFOA equates 'currency' and 'money'.
This seems at odds with Duisenberg speech quoted above:
"...money is defined by the functions it performs, as a means of exchange, a unit of account and a store of value."
Note that FOFOA diminishes the 'store of value' function and omits the 'unit of account'.
Malcolm
Not sure, the board settings state that you are able to edit a post up to 24 hours from creation time. Perhaps you have been logged out, disallowing you to edit the post?Boefke wrote:Why can't I edit my post Rasta?
What I wanted to state is Gold pricing the currency, not the UoA......but I think that's obvious.