On Dec 27, 2011, at 12:07 PM, Angelus Novus wrote:
> BTW, on the side issue of the necessity of a physical money commodity, there are differences of opinion between supporters of the monetary interpretation of Marx's value theory. I don't really have a strong opinion either way, as the "physical money commodity" debate isn't of much interest of me, as ever since the end of the Bretton Woods system, we've been living de facto without a money commodity, which is good enough for me in terms of settlign the debate.
Of course, fundamentalists of many stripes will tell us that a permanent fiat currency regime is unsustainable. I don't buy it, but I believe David Harvey used to argue for that position.
Marx seemed like a goldbug in vol. 1 of Capital, but by vol. 3 he was emphasizing how credit broke beyond the limits of capitalist possibilities. It seems like we're living in that world.
Doug