"Besides pure commodity money, pure fiat money doesn't involve the creation of debt. The state simply uses its power to restrict the production of paper money, keeping it scarce. I guess you could say that the state "owes a debt" to the people it dominates, but that's stretching it. It's not a legally enforceable debt"
money is government liabilities. just because these liabilities can't be exchanged for physical assets, doesn't mean they are not liabilities. further, is it really the restriction of paper money production (now electronic signals sent through a keyboard) that gives money value? a government could issue 1 singular dollar, but that money won't have any value if no one needs dollars to settle their debts. there. i just issued you 500 trillion Tankus's. as awesome as it is for you that you have them, you are not able to acquire any physical assets with them. they are still however, a liability to me. they would have value however, if i promised to give you some physical asset or a certain amount of labor hours if you went to redeem them. they would also have value if i had a whole bunch of weapons and told a whole bunch of people that i will do very bad things to them if they don't go out and earn Tankus's. either way however, they are still a liability to me and an asset to you. and very obviously, it is the "taxes" i imposed through force that gave them value, not the restriction of their supply. -- -Nathan Tankus ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
