[ExI] Joule currency (Re: Banking, corporations, and rights)

Samantha Atkins sjatkins at mac.com
Fri Feb 25 19:47:39 UTC 2011

On 02/25/2011 10:18 AM, Eric Messick wrote:
> Kelly Anderson wrote (re: fractional reserve banking):
>> I guess the real problem is understanding the alternatives. There just
>> isn't enough physical gold to run the economy (unless gold were
>> $1000000 an ounce or something... which would make the industrial use
>> of gold prohibitive... which would have its own downsides)
> I propose the Joule as the future unit of currency.
> What you want is a money supply that grows along with your economy, so
> you don't have deflation.

Actually, I think this is a mistaken notion.  Not that the price per 
unit of functionality in computer chips has fallen rapidly toward zero.  
Yet this is still a booming business.  Deflation across an entire 
economy by severely contracting the money supply is very very different 
than all case of the same unit of currency buying more and more.  You 
actually want the latter in the more benign cases.  You can't get it if 
you insist on adding to the money supply to keep prices roughly the same.

- samantha

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