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To: Jim McMannis who wrote (251638)6/3/2010 12:32:01 PM
From: neolibRead Replies (2) | Respond to of 306849
 
But our US $ is nothing but an IOU as well. The only difference between the US $ and an individual IOU is that the US $ is based on the collective fortunes of the USA, rather than the individual fortunes of someone writing an IOU, and its value is easier to determine for the average person. US $ risk averages all of us. But just like an individual can get in over their head writing IOU's, thus debasing them, so can the central authority who writes the IOUs (currency) for a country. No different.



To: Jim McMannis who wrote (251638)6/4/2010 6:35:47 AM
From: Dan3Read Replies (1) | Respond to of 306849
 
Re: IOUs work until some wants the real money

What real money? A bucket of gasoline? A pack of cigarettes? A silver necklace? Some printed banknotes? An hour of labor?

Money is an abstraction of a generic valuation of goods and services. If it were anything else, it wouldn't work as money.

How can you have a "real" abstraction?


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