Money is about expected future value....nothing more, nothing less

[Marcel Popescu]

Errata: "companies are forbidden from accepting them as payment" is, of
course, "companies are REQUIRED TO accept them as payment".

Sorry.

Mark

----- Original Message -----
From: "Marcel Popescu" <mdpopescu at subdimension.com>

> The reason the IOUs emitted by the Bank of England were *initially*
accepted
> was that they were redeemable in gold or silver. *One* reason they are now
> accepted is that they are legal tender - you can pay your taxes with them,
> and companies are forbidden from accepting them as payment.