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06752_Field_TCUM T317.txt
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1996-04-10
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Even in recent times, the dramatic arrival of paper
currency, or “representative money,” as a substitute for
commodity money caused confusions. Much in the same way,
the Gutenberg technology created a vast new republic of
letters, and stirred great confusion about the boundaries
between the realms of literature and life. Representative money,
based on print technology, created new speedy dimensions of
credit that were quite inconsistent with the inert mass of
bullion and of commodity money. Yet all efforts were bent to
make the speedy new money behave like the slow bullion coach.
J. M. Keynes stated this policy in A Treatise on Money :
Thus the long age of Commodity Money has at last
passed finally away before the age of Representative
Money. Gold has ceased to be a coin, a hoard, a tangible
claim to wealth, of which the value cannot slip away so