On 21/10/2020 06:38, Charlie Gibbs wrote:
> On 2020-10-21, The Natural Philosopher  wrote:
>
>> On 20/10/2020 22:50, Ahem A Rivet's Shot wrote:
>>
>>> On Tue, 20 Oct 2020 21:57:50 +0200
>>> Deloptes  wrote:
>>>
>>>> There are many problems related to backing up with gold, but as I said
>>>> it is not about gold but any value.
>>>
>>>  Right but the principle source of value is not rare metals it is
>>> human activity. Using rare metals does not scale naturally to the real
>>> source of value.
>>>
>> That is not the point. Gold can not be multiplied infinitely. Paper
>> money can. It needn't be gold. Cowrie shells will do.
>>
>> That there isn't enough gold is easily solved - make it more valuable.
>>
>> The technical need is for a mutually agreed  proxy for value that is
>> relatively indestructible and cannot be manufactured infinitely.
>
>      Oh, the outlook will be sunny
>      In this land of milk and honey
>      When we print up lots of money:
>      That's the Social Credit plan.
>
>      But in case that starts inflation
>      And it might affect the nation,
>      Why we'll print another billion
>      Just as quickly as we can!
>
>        -- The Brothers In Law: Vote for Me
>
Yep. If inflation outstrips interest rates you are being robbed. The man
hours you got paid for are now worth less than the cost of employing a
man for those hours.

If you had a fixed interest rate debt, you are doing the robbing.
Who has the biggest fixed inters rate debts? And the power to set
interest rates?

--
In a Time of Universal Deceit, Telling the Truth Is a Revolutionary Act.

- George Orwell

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