Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (47132)	9/16/2008 9:27:26 PM
From: lorne	Read Replies (1) of 224748

Ken, My question to you...and thanks for your answer,...."Is the dollar a promissory note? a debt?".... Your answer...."No, it's not really a promissory note. Not since we went off the Gold Standard. It's legal tender.".... ...."Fiat money is a subset of general credit money, but a special one in which a government, often through a central bank or reserve bank, has taken the responsibility (monetary authority) of being the major creditor backing the currency. Usually, a fiat-money currency loses value once the government which acts as the creditor refuses to further guarantee its value through taxation, but a strong private banking system and consensus of the population may prevent this."... en.wikipedia.org

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