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To: justshutupandtakeit
I know my economic stats far better than you

You have yet to demonstrate otherwise, thus quod gratis asseritur, gratis negatur.

and no reputable economist claims the Fed CAUSED the Depression. I don't count the crackpots.

Calling the people who contradict your claim names doesn't make their theories any less true. In the meantime, I need only note that the very same people you dismiss as "crackpots" hold more nobels and higher prestige in the field than the Keynesians and interventionists you glorify could ever dream of. But go ahead. Keep cheering for Paul Krugman's "award" that will never come as he continues to throw his career away.

The very first money of record was that created by the KING of Lydia, a government.

Money precedes coinage in the form of intrinsically valued mediums of exchange. In other words, before there were gold coins there was gold. To suggest otherwise is absurd.

Money is the creation of governments in almost all cases.

That is historically not so. Gold precedes pieces of gold melted into little circles and stamped with a crown. If it did not, nothing would exist to be melted into those circles in the first place.

Barter with unofficial money occasionally occurred when there was no choice (such as in Colonial America.)

Money is a medium of exchange, not barter (which occurs between two commodoties absent of a third medium). An ounce of gold is intrinsically valued to two people who would otherwise not barter their produce, and thus may serve as a medium by which one may obtain the produce of the other. The second that happens it is money, stamp or not.

129 posted on 07/05/2003 10:38:01 PM PDT by GOPcapitalist
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To: GOPcapitalist
Use of a commodity as a medium of exchange does not make it money. Money is always the creation of a political entity.

When I trade one baseball card for another it is not money. It only becomes money when it is exchangeable universally.
136 posted on 07/06/2003 11:49:58 PM PDT by justshutupandtakeit (RATS will use any means to denigrate George Bush's Victory.)
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