What backs up digital money?
Alan Horowitz
alanh at mailhost.infi.net
Thu Mar 28 03:36:41 PST 1996
I will put forth the proposition that Federal Reserve "Notes" are not
notes.
A note is a promise to (a) pay
(b) a certain amount
(c) at a certain time
(d) to a certain person.
As in the phrase that *used to* appear on United States Currency: "will
pay the Bearer One Dollar in Silver upon Demand". The only extant legal
definition of a dollar is a Federal statute of 1792, defining it as a
certain weight of pure silver.
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