[OPE-L:2035] Re: [MIKE WILLIAMS] electronic money

Duncan K Foley (dkf2@columbia.edu)
Mon, 29 Apr 1996 12:07:58 -0700

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I think this is a very good question (which echoes one already asked by
Jerry in an earlier round on this.)

It's worth looking as well at the pattern of the gold price over the last
10-15 years in pondering the role of gold in the current world financial


On Mon, 29 Apr 1996, Costas Lapavitsas wrote:

> Duncan argues very lucidly that modern money is ultimately state
> debt. I have a question, but first I might as well stress that I am
> not a gold crank. Is it at all significant that central banks today
> hold more gold than ever, perhaps 500f all the gold that has ever
> been produced? If they are worried that off-loading the gold would
> destroy the valuation of reserves throughout the credit system, what
> is the significance of this for theory?
> Costas