Spotting fake hundos

[QuadsOverQuads]

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the dollar is backed by the commodities it trades for, just like gold is backed by the commodities it trades for or the dollars it trades for. Nothing has intrinsic value.

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I agree with you 99.9%, but I still think this eventually depends on your definition of the concept of "intrinsic value". As I see it, "intrinsic value" means that something is inherently an object of demand within the context of human social interactions. Water, by this definition, has intrinsic value -- because without it, people die of thirst. Biology creates an intrinsic demand, which creates an "intrinsic value" (demand). Land has intrinsic value, because you cannot live if you cannot live somewhere, and you cannot grow food if you cannot grow it somewhere. Gold, by contrast, has no such value -- it is decorative and shiny, but you will not die if you do not have access to it.

Anyway, I thought you had an interesting observation here, and I wanted to add my 2 cents to it [img]/images/graemlins/smile.gif[/img]


q/q