From: CurtAdams@aol.com
Date: Thu Aug 08 2002 - 17:01:08 MDT
In a message dated 8/8/02 15:13:24, colin@versalog.com.au writes:
>What's gone is a pile of 'notional value' - the rights to things
>as yet not done. 0s and 1s in a computer memory. All we have to do is
>'believe' them back into existence.....this is what the herds of
>bulls and bears are doing, bouncing from hangover to rumour to
>inuendo to weather report.
The loss is that many actions have been taken on the grounds of
unjustified valuation. Fiberoptic has been laid, savings spent,
luxuries bought, government programs started, etc. Now those
things are worth less than had been anticipated, and the costs still
have to be paid. In the end, money is only worth what you can
buy with it.
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