Letter: Pshaw, pshaw on cryptocurrency

Letter: Pshaw, pshaw on cryptocurrency

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Pshaw, pshaw on cryptocurrency

When I was growing up, my late grandmother Dora (White) Marples had another elderly friend named Margie who was fond of using the word “Pshaw” to express dismay, disdain or impatience.

In that day and age, the conversion from 90% silver dimes, quarters and half dollars to clad base metals had already begun. Margie would utter, “Pshaw, pshaw on that worthless money.”

In many ways, she was right. Base metals are not as valuable as silver or gold, and they have the utter practicality of an IOU. Now, in today’s age, there are some wannabee investors who are dabbling in cryptocurrency and digital currency. To that, I say, “Pshaw, pasha on cryptocurrency and digital currency.”

Those are even worse an an IOU, since they can vanish with a simple keystroke of a computer. I believe in money that is authentic legal tender which would be accepted coast-to-coast and border-to-border.

If we resort to cryptocurrency and digital currency, it will be worse than the old Civil War barter-tokens whose values greatly fluctuated over time.

Universal paper currency and coinage backed up by a precious metal is what a successful nation sorely needs. To depart from that is dangerous.

— James A. Marples, Longview

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