John Gardner wrote:

>> 3.    You could assume that the government receives exactly the same as
>> the gross tax take was before so that their net funds availability is
>> higher as there is no tax depatrtment etc. This is perhaps the best
>> example to address.
> 
> People don't retain wasting assets - It would devolve into a race to get
> out of the currency, with the devil taking the hindmost.

This is exactly the point. They would either try to get out of currency
(trading goods directly) or start using indexes. With the effects I
described in the part of my earlier message that Russell snipped with a
simple "no" :)

Gerhard

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