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Strategies & Market Trends : The coming US dollar crisis
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To: Oblomov who wrote (5542)3/27/2008 4:06:43 AM
From: stan_hughes   of 71474
 
Reisman argues that checking deposits in excess of reserves of banks should be included in the calculation of what requires gold backing --

"Most of the money supply of the United States, today as in 1929, is not standard money of any kind, but rather fiduciary media. Fiduciary media are transferable claims to standard money, payable on demand by their issuers, accepted in commerce as the equivalent of standard money, but for which no standard money actually exists. What precisely fits the description of fiduciary media are checking deposits insofar as they exceed the reserves of standard money held by the banks that issue them. Checking deposits are, first of all, transferable claims to standard money, payable on demand by the banks that issue them, and accepted in commerce as the equivalent of standard money. To the extent that they exceed the currency reserves owned by the banks that issue them, they are fiduciary media"

If you want to read the whole train of thought and evaluate it for yourself, go here -- mises.org
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