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Gresham's Law and Currency of Little or no Value

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  • Levi Philos
    Gresham s law is a natural law. Like gravity, it is immune to repeal by man s written law. Short version is that currency that carries little value will
    Message 1 of 1 , May 16, 2011
      Gresham's law is a natural law. Like gravity, it is immune to repeal by
      man's written law.

      Short version is that currency that carries little value will circulate
      while the currency that carries some provable value will stay home.

      Like Frog Farmer, I like hand delivered coinage (and for me - the fed
      notes) - in either case these enable P2P (person to person) exchange
      without records.

      But observation of people's actions at any cash register (shouldn't even
      be called a "cash" register) - payment recorder machine - shows that a
      clear majority of people are migrating toward currency of no value.
      Electronic records - that in fact do create a record.

      I personally don't like electronic money because I don't trust the
      machines - too corruptible and failure prone - anyway, to get to the
      point - there are scattered all over the world computer geeks whose goal
      seems to be the creation of an independent electronic system of exchange
      that is immune to centralized authority.

      One of the things I keep repeating because I believe it totally true is:
      "Centralized money and centralized power form a symbiotic pair. Neither
      can exist without the other." And the derivative conclusion is that if
      money can be decentralized, a whole bunch of freedom will be returned to
      the people.

      These efforts to create digital encrypted independent currency began
      with the personal computer and continue to this day.

      So, for the interest of those readers who wish to learn more about
      digital decentralized currency:
      http://agoristradio.com/

      Click on any episode for a blurb with more links and a way to listen to
      the archive or download the mp3 file.

      There is more than one way to 'do' money; my preference is for hand to
      hand P2P exchange, but the direction of the herd seems obvious.

      Levi Philos
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