Re: Local Currency Article

["David Spitzley" <dspitzle@gw.wash.k12.mi.us>]

>>> PBottissr@aol.com 12/10/02 01:09PM >>>
The Federal Reserve notes as well as all the other money real or "fiat"
has 
no intrinsic value all of it in the words of the FED themselves is that
they 
are I.O.U.s
--------------------------------------------------

And gold is only a viable means of exchange if people will accept it,
which they do because other people accept it.  Money is in practice a
form of magic, though perhaps religion would be a closer analogy - it
only functions through belief.  Federal Reserve notes are just gold
without the jewelry potential, for all it matters.  


David
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