Monday, November 26, 2012

A little less about that dullest of things

Dear Ludo,

After that long interruption, I had thought of returning to the earlier theme, but I find that Stilwell has been writing more articulately than I could a decent approximation to an Economics of Charity; I hesitate at some of his bolder sloganisms --- I hesitate at most slogans, for I am a timid creature by temperament. Particularly, it seems wrong to say that a true fiat issue is “not backed” and even by nature “unbackable”: rather, the backing of a true issue is its tradability, or under another aspect, the actual wealth of its market, or again, the productivity and honesty of its citizens.

Modulo such concerns, which are either natural or naturally bunk (I am not qualified to guess), I think I can recommend a cautious reading of his notes.

That is all.

from the armchair


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