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Precisely, my point is that an a IOU is a promise, it's not the promised thing (never mind if the promised thing is gold or a cow), and that it's what distingui
by RobertoG 10y ago
Precisely, my point is that an a IOU is a promise, it's not the promised thing (never mind if the promised thing is gold or a cow), and that it's what distinguish money from a real asset.
- nickik 10y agoAnd that what I'm saying is wrong. The gold coin is the money. Also you can not disassociate the IOU from the underlying object, it binds the IOU.