Marvelous Essay

Re: Marvelous Essay

PostBy: jpete On: Sun Apr 29, 2012 1:43 pm

No one "wants" it.

But they "accept" it and pretend it has value.
jpete
 
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Re: Marvelous Essay

PostBy: lsayre On: Sun Apr 29, 2012 2:09 pm

jpete wrote:No one "wants" it.

But they "accept" it and pretend it has value.


The courts enforce the FRN's acceptance as "legal tender", and they also dictate the rejection of any similar medium of exchange. One of the means of enforcement is by ruling that only FRN's can be used to pay taxes.
lsayre
 
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Re: Marvelous Essay

PostBy: franco b On: Mon Apr 30, 2012 12:50 pm

The only thing wrong with paper money is human fallibility. The temptation to print too much seems to be irresistible.
franco b
 
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Re: Marvelous Essay

PostBy: lsayre On: Mon Apr 30, 2012 12:55 pm

franco b wrote:The only thing wrong with paper money is human fallibility. The temptation to print too much seems to be irresistible.


Do you anticipate that humans will someday soon become Angels, or is there a plan 'B'? Every fiat currency throughout history has eventually at some juncture reached a value of zero. Perhaps this time it will be different though. Since the US Dollar only went 100% totally fiat in 1971, we are now only a mere 41 years into this monumental (or should I say foolish) experiment. Will it last another 41 years?
lsayre
 
Stoker Coal Boiler: AHS S130 Coal Gun
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Other Heating: Resistance Boiler (13 KW)

Re: Marvelous Essay

PostBy: franco b On: Mon Apr 30, 2012 1:41 pm

lsayre wrote:
franco b wrote:The only thing wrong with paper money is human fallibility. The temptation to print too much seems to be irresistible.


Do you anticipate that humans will someday soon become Angels, or is there a plan 'B'? Every fiat currency throughout history has eventually at some juncture reached a value of zero. Perhaps this time it will be different though. Since the US Dollar only went 100% totally fiat in 1971, we are now only a mere 41 years into this monumental (or should I say foolish) experiment. Will it last another 41 years?


The only plan "B" I can envision is to have the dilution of the dollar so bound about by law that it would be much more difficult to do. At least it would slow it down. At this point in time inflation is the only way to get out from under the massive debt. This is a form of default which is inevitable, but a more gradual one and with less turbulence.
franco b
 
Hand Fed Coal Stove: V ermont Castings 2310, Franco Belge 262
Baseburners & Antiques: Glenwood Modern Oak 114
Coal Size/Type: nut and pea