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IMF Power Grab disguised as Gold Bug bait

November 8, 2010

Until people understand that value cannot be stored outside of something actually valuable, the economy is doomed. Money is first and foremost a medium of exchange- the store of value is a second derivative related to the medium of exchange function of money.

Money gets its initial value from the unique ability to extinguish tax liabilities. Note even the article about Shell Money from wikipedia makes this quite clear. The shells had value because you needed to supply 1000 of them per year to the king! Sounds like a head tax to me.

Here is the head of the IMF proposing an idea designed to have money better store value.  This looks like a power grab to me through an appeal to Gold Bugs, and not a real proposal designed to help the world.

The power of the president of the IMF greatly increases in the system he proposes.    Imagine if you tried to store other valuable ideas in something other than the value holder itself. “Hi Honey – I know I’ve been mean to you for weeks, but here is some niceness I’ve stored up in this jar. Feel free to dip into any time – I’ve got to go to work now.” Hi Kids, You haven’t had any attention for a few months. Here is a garage full of attention – that should make up for the lost time. Take care.””Hi IRS, here is some gold. People tell me it is money, so it is as good as a U.S. Dollar right? ”

Are the pyramids at Gaza money?  They seem to have stored value for a long time.  How about good farmland?  Good farm land stores value too.  You can’t pay taxes with farmland.

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