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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (47132)	9/16/2008 7:46:03 PM
From: TideGlider	Respond to of 224749

Not so Kenneth. Thyet were not a promissory note when backed by gold. It was as good as gold. Now the Federal Reserve Notes are based on the "Faith and Trust" of the United States Treasury. They are non-interest bearing promissory notes good for legal tender public and private. It=n the days of the Gold and even longer issued Silver Certificates people understodd that the actual currency was gold and silver and the notes represnted the face value in currency witout contract. In a sense you could also call the promissory notes, but the relationship was much more tangible.

To: Kenneth E. Phillipps who wrote (47132)	9/16/2008 8:17:14 PM
From: puborectalis	Read Replies (2) \| Respond to of 224749

It's hilarious.....Fiorina advises McCain on tech and economic issues and says that he's not qualified to run a corporation ...let alone the Biggest World Economy,the USA

To: Kenneth E. Phillipps who wrote (47132)	9/16/2008 8:20:04 PM
From: puborectalis	Respond to of 224749

House Speaker Nancy Pelosi has ordered a broad, swift investigation of Wall Street and will demand testimony from Bush administration officials and captains of finance, congressional officials said. House Democrats plan an aggressive look at the administration’s role in this weekend’s meltdown, and explore further regulation and government structures that would be taken up under the new president. Republican aides accused Democrats of trying to shift blame with a series of “show trials,” but acknowledged that key officials will wind up cooperating. The hearings will take place over the next few weeks, the officials said. Treasury Secretary Hank Paulson, who regularly appears on Capitol Hill, will be called to testify as part of the investigation. As the main event, Rep. Henry Waxman (D-Calif.), chairman of the House oversight committee, wrote to Richard Fuld, chief executive of the imploded Lehman Brothers, to ask him to appear on Capitol Hill on Sept. 25. “The hearing will examine the regulatory mistakes and financial excesses that led to yesterday's bankruptcy filing by Lehman Brothers,” Waxman wrote. “The Committee will also explore the impacts of the Lehman bankruptcy on financial markets and the United States economy.”

To: Kenneth E. Phillipps who wrote (47132)	9/16/2008 8:25:37 PM
From: puborectalis	Read Replies (1) \| Respond to of 224749

Ken, I cannot wait for all the debates when the Mavericks try to convince the public they know derivatives from gerunds.

To: Kenneth E. Phillipps who wrote (47132)	9/16/2008 9:27:26 PM
From: lorne	Read Replies (1) \| Respond to of 224749

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