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pat.fields.16
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The impossibility of economic calculation in a fiat world

- Alasdair Macleod - Finance and Eco.

Excerpt ... "It goes without saying that the measure used, money, should be constant if comparisons over time are to mean anything."

Paradoxically, becaise the notion isn't instinctive, this constancy doesn't result from stamping unit values on money, such as '1 dollar', 'ten yuan' and so on. It derives from weight and fineness of the meda in concert with its current supply-demand circumstances when tendered for another good, adjuged the same way.

'Twenty pesos' or 'fifty rubles' is total bullcrap! The very same goes for 'one SILVER dollar', or a 'fifty dollar gold piece'! Thirty-one fine grams of silver, or a fine Troy ounce of gold, on the other hand is ... REALITY!

When REALITY is placed in juxtaposition to another REALITY, for the purpose of exchange ... THEN ... 'constancy' has the very highest probability of infinite perpetuation.

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Début de l'article :The purpose of keeping accurate accounts is to quantify net worth at any given point in time – as well as the change from a prior date. It goes without saying that the measure used, money, should be constant if comparisons over time are to mean anything. Only then do prices of capital goods, consumer goods and services truly reflect their changing values, giving important signals to businessmen. With unstable fiat money market signals lose much of their meaning. It is not normal for businessme... Lire la suite

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