Date: Mon, 4 Aug 97 15:55:05 EDT
From: boddhisatva <kbevans-AT-panix.com>
Subject: Re: M-TH: Labor Theory of Value and Keynesianism





		Karl,


	Restatement of an idea is not "superfluous" if your audience does
not get the idea.  Gold, for purely practical reasons, is not useful as
currency or to back paper currency. 


	It is not true that "money as medium of exchange under capitalism
is a function of the the accumulation of capital".  Money only represents
the accumulation of capital realized through exchange, just as it
represents any result of exchange.  Money is always a place-holder in time
and there is no need to fetishize that process as "accumulation".  A
worker "accumulates"  money in his pocket on payday.  


	Governments absolutely do control money.  When they devalue it,
it's devalued, that's it, no argument.  The only thing that undermines
money as a place-holder of value is credit.  Credit allows people to make
promises to pay independent of the supply of legal tender.  If this is
what you mean by the end of your paragraph, I agree, and said it before. 
Other than that I don't know how to respond to the last points you made. 




	peace






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