Don - arguments
if your customer sets the check on fire before he gives it to you, it is no economic consequence whatsoever.
Sure it does. She'll tell you - she's not been paid.
Generalizing, the check is an example of a representational kind of wealth, normally used to facilitate transfers, whose economic
value is dependent on exactly who possesses it.
A cheque is instructions to the bank to pay money from an account to a person. It's a method of payment. The value of a cheque is the money in the account it's drawn on.
Are you implying that money has no value until the seller gets it? The point of money is that it has value all the time and that has plenty of "economic consequences."
the non-marketable US Treasury securities held by the so-called Social Security Trust Fund. You could hold an
identical security and risk its loss of value by burning it up, but neither the securities nor the Trust Fund itself have any economic
significance as they are simply US IOUs transferred from one pocket of the government to another. Needless to say, this either
confuses a lot of people, or they are deliberately lying for effect, or both.
They do have significance, don't they? They pay interest, presumably, and someday will be redeemed and the SS Trust Fund will pay benefits. We might not like the bookkeeping but that's another matter, isn't it?
Stock options. Aren't they a call on the company's capital and income stream? Bookkeeping equation is slippery - gotta get the blood sugar up. |
