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To: OwenKellogg
"Every textbook discussion of currency that I've ever seen always lists "a store of wealth" as one of 3 primary functions of currency. When did this change?"

...With the advent of government-issued paper currencies.

209 posted on 11/27/2004 7:56:59 PM PST by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Southack
My question: "Every textbook discussion of currency that I've ever seen always lists "a store of wealth" as one of 3 primary functions of currency. When did this change?"

Your answer: ...With the advent of government-issued paper currencies.

Discussion: it is impossible to change the function of currency with the advent of currency.

Or did you intend to imply that currency is no longer a store of wealth with the advent of fiat currency? In that case I agree. But Friedman and the Austrians still maintain that currency should serve as a store of value. Are they off base?

217 posted on 11/27/2004 8:04:38 PM PST by OwenKellogg
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