Thursday, September 06, 2007

Goldbug Variations

Megan McArdle and Tyler Cowen play some chin music for the gold bugs here and here.

I remember discussing with Tyler back in the day the idea that if money was only needed for a few "loose change" type of transactions (everything else being digital), would the velocity of money rise so high that the quarters would burn your hand when you grabbed them. I'm pretty sure they would.

It always surprises me that people attack so vehemently one of the very very few things our government has done reasonably well.

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