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To: Don Lloyd who wrote (41)	3/21/2001 2:18:25 PM
From: Ilaine	Read Replies (1) \| Respond to of 443

>>What we have is pure fiat money, backed by the promise only that it will be accepted for tax payments and that the force of the state will enforce its acceptability in commerce.<< No, our currency is backed by bank reserves, which consist of not only Treasury securities (the promise of the federal government to pay, aka monetizing federal debt), but also other types of securities and real assets such as gold, mortgages, and commodities, and foreign currencies.