Re Diego's [7079]: To begin with, thanks for the additional references. I've asked Anwar if there are still other references by him or others that have a bearing on this issue. > Jerry says: <<Doesn't an understanding of how exchange rates are determined in contemporary capitalism require that we comprehend the role of the state, central banks, international agreements among states, etc.?>> Of course, but think of Argentina case. Almost everybody in this country had the "illusion" for years that its exchange rate was 1 peso:1 dollar. It was not, at least according to its fundamental determinates. This tells us much about the limits the States encounter whenever they try to detour the consequences of the law of value.< These 'limits', though, could be suspended or modified for long historical periods. It seems to me, for instance, that the 'seigniorage' attached to the US dollar following the Bretton Woods agreement is not a consequence of the law of value alone but of agreements by leading capitalist nation states. Indeed, the advantages of seigniorage are more closely related to the subject of *rent* than of the law of value. I think this subject is related to how the US economy can grow even when there is a worldwide economic crisis. In solidarity, Jerry
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