Re: Infinite money

On Sat, 16 Jun 2007 09:44:51 -0700, The Ghost In The Machine
<ewill@xxxxxxxxxxxxxxxxxxxxxxx> wrote:

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.

No, it is true by definition.

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

Such improvements are not land in the economic sense, any more than a
skyscraper is.

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.

Trucker seems to have expressed himself badly, assuming he is not just
totally confused. Money is definitely not in infinite supply. That
is very much the point.

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.

The power to create money yields unearned wealth, which provides even
more 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.

But the creator of the money didn't pay for it. That is the point.

-- Roy L
.

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