Just the Facts, Ma'am: A Compendium of Liberal Fiction Message Board

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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction

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To: Solon who wrote (48939)	6/21/2006 10:53:22 AM
From: TimF	Read Replies (2) of 90947

Bankruptcy is generally a legal term. It is also sometimes used describe a situation when a person or organization can't keep current on debt. If you can keep up payments on your debt than even if you are borrowing money to keep current on debt you aren't in bankruptcy by either the correct technical definition or any other common use of the term bankruptcy. Gold and silver were such a powerful money during the founding of the united states of America, that the founding fathers declared that only gold or silver coins can be "money" in America. The constitution doesn't forbid any money other than gold or silver. Even if it did that would only make paper money illegal, it wouldn't make it something other than money. Paper money is as much money as gold. Gold might be more stable than most paper money because you can't just print more, but there is nothing extrodianry special about money. Anything can be used as a medium of exchange. Money is anything "accepted as a medium of exchange, a measure of value, or a means of payment" webster.com You cannot pay a debt with a debt currency system. You cannot service a debt with a currency that has no backing in value or substance. You can indeed pay a debt with American money, and you can service it with any money that the creditor has agreed to accept. No contract in Common law is valid unless it involves an exchange of "good & valuable consideration. If you think your cash, and account balances are not a good and valuable consideration, please send them to me.

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