Doug Henwood wrote:
> But in a system where production is undertaken only if
> M'>M in the M-C-M' formula, it's impossible to separate money and
> production. So I think these sorts of ideas are worth talking about,
> but only to expose them as nonsense.
It is this sort of scheme that informs Pound's Cantos and innumerable fascist sympathizers of the last century. The belief in fiat money, if taken seriously by someone who can think out implications at least partially, leads to the support of a state power that can froce people to honor that fiat money (thus achieving the transfer of resources Doug speaks of).Wasn't there a Social-Credit party in Canada?
Carrol