Of Dollars and Pins.

Every dollar, those in circulation and those in electronic accounts, represents a debt or obligation. Dollars are nothing but certified debts. Their relationship to debts is the same as that of a certificate of marriage to a marriage. Monetary and marital obligations exist, regardless of whether they are certified (made more secure) by a public document, or the imprimature of a public official.

While it was impossible to argue about how many dollars could fit, never mind dance, on the head of a pin, when dollars were either vegetable or mineral (paper or gold), now that they are reduced to electronic blips, that’s an argument we could not only have, but perhaps settle.

Wouldn’t that be fun?

One Response to Of Dollars and Pins.

  1. BobRobertson January 22, 2013 at 11:34 am #

    It would be fun. The US has had debt-based currencies several times, all of them were inflated into worthlessness.

    And here we go again.

    When the Constitutional provisions against debt-based currency was followed, and the currency did not “represent” value but was actually a material with value (gold, silver, copper), the price levels were wonderfully stable over the course of decades. I look forward to it being so again, so that real long-term economic planning can take place.

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