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According to my understanding, the raw materials used to make pennies and nickles are both worth more than their fiat value. If people were to destroy these en masse and sell the materials, would there be wealth created (or better yet, recreated), due to the increase of raw materials and deflation?
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It seems to me that the imposition of the Euro - which was established as a purely fiat money - puts the regression theory in perspective and possibly refutes it. If «nothing can enter into the function of a medium of exchange which was not already previously an economic good to which people assigned...
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Does Gresham's Law prove that money must have intrinsic value? Great article by Gary North. I didn't know all that about Gresham's Law and foreign exchange. Does it also have a simpler application as explaining domestic circulation? For instance, when arguing with Keynesian/Chicagoites, who...