[D-G] greshems's law

Chapman chapman0603 at rogers.com
Fri Jan 7 08:45:39 PST 2005

Harald Wenk, 

Have you read Major Douglas on Credit? Same commotion but he's got it wired so that we don't think abt convertability in terms of grains, grass and minerals but in terms of transaction or consumption value. Money is acknowledged to be a form of credit, 'production of consumption.' The more it's used, the more value it accrues - nifty non? (bow and le-hold 'homus schizophrobeniuus is every name in history...')

Sylvie, I understand your focus on raised northern chins. I was thinking that maybe the Bergsonism book would be useful. I can't read more than about thirty pages myself, but I think the big ideas about time and the experience of it are fronted for us in that work. Have you been to Longbeach, Or. , seen the haystacks?

There's no state tax in Oregon. 

Chris Chapman

-----Original Message-----
From: deleuze-guattari-driftline.org-bounces at lists.driftline.org
[mailto:deleuze-guattari-driftline.org-bounces at lists.driftline.org]On
Behalf Of Dr. Harald Wenk
Sent: Friday, January 07, 2005 11:23 AM
To: deleuze-guattari-driftline.org at lists.driftline.org
Subject: [D-G] greshems's law

------- Weitergeleitete Nachricht -------
Von: "Dr. Harald Wenk" <hwenk at web.de>
An: "Sylvie Ruelle" <sylvieruelle at earthlink.net>
Betreff: Re:Datum: Fri, 07 Jan 2005 16:28:23 +0200


"Gresham's Law:

observation in economics that “bad money drives out good.” More exactly,
if coins containing metal of different value have the same value as legal
tender, the coins composed of the cheaper metal will be used for payment,
while those made of more expensive metal will be hoarded or exported and
thus tend to disappear from circulation. Sir Thomas Gresham, financial
agent of Queen Elizabeth I, was not the first to recognize this monetary
principle, but his elucidation of it in 1558 prompted the economist H.D.
Macleod to suggest the term Gresham's law in the 19th century.

Money functions in ways other than as a domestic medium of exchange; it
also may be used for foreign exchange, as a commodity, or as a store of
value. If a particular kind of money is worth more in one of these other
functions, it willbe used in foreign exchange or will be hoarded rather
than used for domestic transactions. For example, during the period from
1792 to 1834 the United States maintained an exchange ratio between silver
and gold of 15:1, while ratios in Europe ranged from 15.5:1 to 16.06:1.
This made it profitable for owners of gold to sell their gold in the
European market and take their silver to the United States mint. The
effect was that gold was withdrawn from domestic American circulation; the
“inferior” money had driven it out."

In my eyes it is realted to simulacras.
If it is not helpfull for you, forget about it.


Harald Wenk

Am Thu, 6 Jan 2005 19:22:49 -0800 schrieb Sylvie Ruelle
<sylvieruelle at earthlink.net>:

> no.  what is it?
> On Jan 6, 2005, at 4:31 PM, Harald Wenk wrote:
>> Hello,
>> Do you know Gresham's Law?
>> Harald Wenk
>> -- Erstellt mit Operas revolutionärem E-Mail-Modul:  
>> http://www.opera.com/m2/
> Ms. Sylvie Ruelle
> http://home.earthlink.net/~sylvieruelle
> rw_artette_lc at yahoo.com

Erstellt mit Operas revolutionärem E-Mail-Modul: http://www.opera.com/m2/

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