17 Dec
2003
17 Dec
'03
11:17 p.m.
The trust issue is fungible. If you trust Yankee greenbacks, and my receipts rank pari-pasu, with them, then you trust my receipts.
Not completely fungible. There is also trust in the trustee as a trustee, who could abscond with the whole sum suddenly. This point is extremely important. The difference between "your receipts" and someone else's means that you don't have a completely fungible system.
No reserve is necessary, because I don't make loans.
It appears that you have 100% reserves, from the phrase _pari pasu_. Eric