>
>A citation by Greco, of E. C. Riegel, 1944: “That the Government can
>issue money for the people, is an utter fallacy.”
> That is, we lack any explanation of how a central authority -- being
>neither the producer of commodities, nor having anything of value with
>which to redeem the currency it issues -- might come to issue and
>redeem money."
>
The government does have something that it can redeam the IOUs for. They redeam it
for more IOUs which are valuable because I can go to my neighborhood grocery store and
buy food to eat.
In the world of money, "Redeam" and "Trade" have the same meaning. You can redeam
your money for something such as Gold, Silver, Platinum, Bread, Clothes, a House,
etc.. or you can trade for the same thing.
Consider this example, you have an ounce of e-gold in your account. Can you redeam
it? No, but you can trade it to GoldFinger Coin for an ounce of physical metal.
Khurram Khan
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