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By Alain Lipietz

During this seminal booklet, Alain Lipietz, one in all France's so much exotic Marxist economists, explores the function of cash and credits within the reasons of the Nineteen Eighties international hunch. Lipietz provides a cogent and convincing argument that conventional Marxist e

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97-123, and defended it against the criticisms of Benjamin M. Anderson and Howard S. Ellis in his Human Action (New Haven: Yale University Press, 1949), pp. 405-08. Also see Joseph A. Schumpeter, History of Economic The Ludwig von Mises Institute • 31 The Case for a 100 Percent Gold Dollar I want to make it clear what I am not saying. I am not saying that fiat money, once established on the ruins of gold, cannot then continue indefinitely on its own. Unfortunately, such ultrametallists as J. Laurence Laughlin were wrong; indeed, if fiat money could not continue indefinitely, I would not have to come here to plead for its abolition.

7 The monetary unit was, therefore, always a unit of weight of a money commodity, and the names that we know now as independent moneys were names of these units of weight. 8 7The monetary unit was not just a pure unit of weight, such as the ounce or the gram; it was a unit of weight of a certain money commodity, such as gold. The dollar was 1/20 of an ounce of gold, not of just any ounce. And here we find a crucial flaw in the idea of a composite-commodity money which has been overlooked: Just as we cannot call the monetary unit an "ounce" or "gram" or "pound" of several different, or composite, commodities, so the dollar cannot properly be the name of many different weights of many different commodities.

And yet only by their ''hoarding'' taking effect through lower prices can they bring about this result. Only by demanding more cash balances and thus lowering prices can the dollars assume a higher real value. I see no reason why government manipulators should be able to deprive the consuming public of this right. Second, if people really had an overwhelming desire for a stable price level, they would negotiate all their contracts in some agreed-upon price index. The fact that such a voluntary "tabular standard" has rarely been adopted is an apt enough commen~aryon those stable-price-Ievel enthusiasts who would impose their ambitions by government coercion.

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