Re: Inflation and Deflation
From: Karl Hallowell (khallow_at_hotmail.com)
Date: 06/23/04
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Date: Wed, 23 Jun 2004 13:03:52 -0700
On Mon, 21 Jun 2004 16:03:54 +0000, oops wrote:
<snip>
> Think of a dollar as a "1 credit point for staying out of jail" card.
>
> Because many and enough people need such cards, they have intrinsic
> value to all, even though you may not need to pay taxes. If a company
> creating bread must pay taxes, that company will ask at least some money
> for its bread to get the government off its back. And because other
> companies will do the same (ask some money), the bread-company will have
> a use for the "stay out of jail" cards, because it could swap them for
> the goods/services these other companies provide.
>
> That is my theory anyway, nobody yet has been able to reason me out of
> it.
>
> So, the money system will not implode simply because money has intrinsic
> value. The money system could implode when government stops asking for
> taxes and leaves the system a fiat system.
<snip>
Sounds like there should be a test here of your claim. Hypothetically, one
way a government could increase the value of its currency is via harsher
punishments for tax evasion. There should be a correlation between
inflation, and the effectiveness of tax collectors or the severity of
punishments for tax fraud. Do we see evidence that this is the case?
Karl Hallowell
khallow@hotmail.com
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