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It used to be gold. Now it is $1 USD for $1 USD.
by skylan_q 11y ago
It used to be gold. Now it is $1 USD for $1 USD.
- AnimalMuppet 11y agoThat's kind of tautological. In particular, if you don't buy the whole premise (that dollar bills are US government liabilities), then RobertoG's statement (that "Money is an IOU. That is a promise of something.") is completely unconvincing by itself, without further support. And your "support" is not very helpful.
- ellius 11y agoThat's the point though: in some sense it's a circular house of cards. I linked this Edward Harrison piece higher up. Read the first paragraph and think about it for a minute. This is all a dollar really is, and its inherent, fundamental value is nothing other than that it allows you to pay taxes: https://www.creditwritedowns.com/2011/10/currency-revulsion-2.html https://www.creditwritedowns.com/2011/10/currency-revulsion-...
- sorokod 11y agoA central point here is the statement that money has no intrinsic value, saying "Money is an IOU" may be understood to mean that, but in a very awkward way, it seem to suggest that something deeper is going on here.