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Stillwater Mining Company Message Board

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  • matrix_man@sbcglobal.net matrix_man Jul 5, 2009 11:50 AM Flag

    Sellers Want Yr Cash, Not Stock

    The term derives from the Latin fiat, meaning "let it be done" The most widely-held reserve currency, the US dollar, is a fiat currency.Modern monetary systems are based on fiat money – money without **intrinsic value, but declared by a government to be legal tender, that is, it must be accepted as a form of payment for 'all debts, public and private'. The term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems...........................................................................................................
    **For People on the left coast.
    An intrinsic theory of value is any theory of value in economics which holds that the value of an object, good or service, is intrinsic or contained in the item itself. Most such theories look to the process of producing an item, and the costs involved in that process, as a measure of the item's intrinsic value.
    For instance, the labor theory of value - the most influential of the intrinsic theories - holds that the value of an item comes from the amount of labor spent producing said item. For example, if a chair is produced by two workers in 6 hours, then that chair is worth 2 x 6 = 12 man-hours (this is a simplified case; the labor theory of value takes into consideration only the "necessary" amount of labor that must go into the production of an item, which may be less than the actual expended labor due to inefficiency).

 
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