Re: I think the federal rates are going to go up.
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Promise to pay what? to who?
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He is saying that every dollar is born out of debt. For every dollar created it comes with the assumption that it will be paid back to the creator in full plus interest obtained from someone else who also borrowed money. Putting the assumption aside that this means that there is not enough money to pay off the debt without taking out more debt to pay off the previous debt it also means that money is a promise to pay and doesn't have any real intrinsic value. Breaks down to money as an idea and not an object of value.
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