Funny Money

[Dan Schultz]

Hey, Bloke! Do you own any of this stuff?

http://libertydollar.org/

This is a local guy and it seems that he is causing quite a stir around here. Big new!

[iiipopes]

The original forms of paper currency contained the words, "I promise to pay..." or equivalent, from a time when money was asset based instead of market based. But you will note (pun intended) that those words are not on current (another pun intended) federal reserve notes, as the American monetary system is a market system, not an asset system.

And in the end, since in the abstract money, whatever its form, is simply and only a defined medium of exchange, what does it matter?

And this one in particular, his "certificates" at best are no different than investing in a precious metal hedge fund. At worst, because it would be quite a feat for him to personally back these certificates with sufficient precious metal (remember what happened to Bunker Hunt), at worst, these certificates aren't worth, well, (yeah, I gotta say it) the paper they're written on.

[iiipopes]

Any paper is only worth anything if

- the institution backing the paper remains solvent
- people widely accept the paper for payment

___________________________________________

Federal Reserve Notes qualify less and less in BOTH categories.

Don't they, though