On Oct 7, 2011, at 5:58 PM, Jim Devine wrote: > Sabri Oncu <[email protected]> wrote: >> Fiat money is debt and credit, since debt and credit are the two sides >> of a coin. Debt=Credit=Money in fiat money world. Or, there is no >> difference between fiat money and debt-based money, although Jim tried >> to differentiate. They are not different. > > explain. To whom is fiat money owed?
They're a liability of the central bank, no? Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
