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From: mms1646@acf4.UUCP (Michael M. Sykora)
Newsgroups: net.politics
Subject: Re: Propiganda, Sevener, Sykora, and MMT
Message-ID: <1340193@acf4.UUCP>
Date: Thu, 13-Jun-85 13:43:00 EDT
Article-I.D.: acf4.1340193
Posted: Thu Jun 13 13:43:00 1985
Date-Received: Sat, 15-Jun-85 09:06:52 EDT
References: <7800334@inmet.UUCP>
Organization: New York University
Lines: 16

>/* cramer@kontron.UUCP /  6:55 pm  Jun 11, 1985 */

>Inflation is the result of expansion of the money supply faster than an
>increase in the supply of goods and services.  Even a money system based
>on precious metals is subject to inflation if gold miners suddenly find
>and exploit a previously unknown source.

I expect that a system of competing, private monetary systems (sort of
an extension of current securities markets) would do the job best.
Such firms would be subject to harsh discipline in the marketplace should
they attempt to inflate their currency and thus devalue the holdings
of people and institutions who had bought their money.  In addition,
such actions might well constitute fraud, and subject the inflators to
legal penalties.

						Mike Sykora