Jim: > I see the central bank as backed by the coercive power of the state > (which created it, after all). Only with that backing can the central > bank "owe money to itself" and have it count as money.
No disagreement here. Did I say anything to the contrary? > In the US, we had convertible commodity-backed paper money during most > of the time before 1913 Without a central bank or, at least, without a continual entity acting as a central bank, right? Don't know the pre-1913 US monetary history that well. Who issued the money in the US back then and who was going to pay that commodity? I am just curious. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
