Re: Infinite money

In sci.econ, The Trucker
<mikcob@xxxxxxxxxxx>
wrote
on Fri, 15 Jun 2007 17:40:03 -0700
<pan.2007.06.16.00.40.00.485897@xxxxxxxxxxx>:
Land is in fixed supply and is not created by labor.

False on both counts. The Japanese in particular created a rather large
island for one of their newer airports.

Money is in infinite supply and not created by labor.

This is debatable, but on a technical point money, which after all is
represented by something, cannot be infinite as nothing is infinite.
There is only so much paper or metal in the world (the usual
physical representations of fiat money); even electrons are not
finite.

Money, in the world's money system comes into existence by fiat.

True in a sense, but money does not have a 1:1 correspondence with
wealth or power.

There is no limit to the amount
of money. Yet there is signorage (the dude that creates the money gets
almost full value of it) and, in addition, there seems to be "interest"
paid for this money creation.

It is, after all, someone else's money. You simply pay for it.

Owing to my own opinions about rent which
simply translate into "bad", I am suspecting that signorage and
"ineterest" paid to something that has no labor component are some sort of
economic rent. But that doesn't fit anyone's definition of economic rent.
Not even mine. SO what do you call this unearned increment?


Interest. ;-)

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