Re: I think the federal rates are going to go up.
[ QUOTE ]
[ QUOTE ]
money is a promise to pay
[/ QUOTE ]
I have a one dollar bill in my hand.
Who do I owe?
Who owes me?
I have one ounce of gold in my hands
Who do I owe?
Who owes me?
[/ QUOTE ]
When I said money I meant fiat money, dollar bills. I said when money is CREATED it's created as debt and is a promise to pay. When somebody gives you a dollar they didn't create it, they circulated it. If you follow the chain of events the dollar followed to its source, it came from a loan or a promise to pay.
|