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News ::
Fool's Gold (english)
11 Dec 2002
The Pope admitted in 1992 that Galileo had been right. This has nothing to do with gold money, but it is offered to show that neither antiquity nor authority makes a phony idea anything but phony....
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The Pope admitted in 1992 that Galileo had been right. This has nothing to do with gold money, but it is offered to show that neither antiquity nor authority makes a phony idea anything but phony....
The APFN website has a lot of useful information, particularly regarding the history of the Federal Reserve Corporation and other transnational banks.

But there's a lot of misleading information at APFN as well, including the notion that returning to the so-called "gold standard" will repair or improve our political-financial system. (If Muslims want their gold, that's fine, but traditional Islamic banking is not the most reasonable option for the 21st Century.)

According to Caroll Quigley in "Tragedy & Hope", the imposition of the gold standard in the late 19th Century is one of the CAUSES of the First World War the perpetual warfare "economy" that followed.

The Coinage Act of 1792 was reasonable before the industrial revolution because it fixed the value of "money" to something everyone can measure and was nearly impossible (then) to monopolize - gold, silver and copper.

But once electricity became a useful commodity, storing USEFUL industrial commodities such as silver and copper in vaults made no sense.

Paper and electronic money DOES make sense - if the money is backed by democratic and ecological values. Obviously, Gross National Pollution is NOT an appropriate value. Resource efficiency IS an appropriate value.

If your faith is with the so-called "gold standard", I suggest you research the history of money, including Robert Carroll's FOOL'S GOLD:

"By monopolizing this commodity the moneyed classes have got Nature
by the throat and the community under their heels... Compared with
this process, usury is mere child's play."

-Alexander Del Mar in The Science of Money

"Advocacy of gold or gold "backed" money rests on dubious foundations. The discussion that follows will reveal some of the semantic deception, half-truths, doublespeak, self-interest pleading, and historical errors employed in gold advocacy polemics.

"The Pope admitted in 1992 that Galileo had been right. This has nothing to do with gold money, but it is offered to show that neither antiquity nor authority makes a phony idea anything but phony.

"There is a strong belief among gold money advocates that little bits of gold, especially if they are stamped with the image of some authority and numbers make better price counters than numbered pieces of paper or computer bytes. The belief involves a perception of what money is. The person who holds that belief perceives money to be something real and apparently needs to see and hold in his hand a physical manifestation of it.

"Gold is heavy, and refined gold is bright and shiny. It satisfies an emotional need however meaningless it is to the function of money. Money is a product of human mental fabrication. It always has been; it always will be. It is a tool that facilitates exchange. Modern society could not run without it or some equivalent accounting system.

"A rational business decision would require that monetary symbols cost the least possible to manufacture. Presently, (1998), it costs around $280 to mine and refine an ounce of gold. Mining decades of tons of ore per ounce of gold has left holes in the ground measured by cubic miles. The ore is leached by toxic chemicals that have produced environmental pollution. Banks create money in any amount with the touching of computer buttons.

"Abstract numbers, meaningless in and of themselves, that count quantities of amperes, wheat, gasoline, volume, distance, area, force, or any measurable, quantifiable thing, suffice in commerce, science, and technics without the clumsy inconvenience of metal counters. Why should it be different with money?...."

http://landru.i-link-2.net/monques/goldx2.html

There are plenty of alternatives to the so-called "gold standard", and so far it seems TEA http://egroups.com/group/Time-Energy-Accounting is the most appropriate for the 21st Century.

What would good, intelligent, objective men such as Ben Franklin, Tom Paine, Thomas Jefferson and Buckminster Fuller do in our present crisis?

Judge for yourself. Here are many other related links:

http://egroups.com/group/jpchance/links/Treasury_000993420879

http://landru.i-link-2.net/monques

Neither "right" nor "left", but real.

Jon Chance



See also:
egroups.com/group/jpchance
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