The American money capture
Eric Hughes
hughes at ah.com
Tue May 3 10:57:46 PDT 1994
>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
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