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  #21  
Old 09-24-2007, 01:20 PM
SlowStroke SlowStroke is offline
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Join Date: Jul 2004
Location: Las Vegas, NV
Posts: 188
Default Re: I think the federal rates are going to go up.

[ 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?
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  #22  
Old 09-24-2007, 02:35 PM
soko soko is offline
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Join Date: Nov 2004
Location: Headed out west...
Posts: 2,443
Default 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.
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  #23  
Old 09-24-2007, 08:04 PM
mmctrab mmctrab is offline
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Join Date: Sep 2006
Location: Steeler country
Posts: 478
Default Re: I think the federal rates are going to go up.

The real reason taxes are going to go up is the gazillion dollar deficit in Medicare and Social Security, but particularly Medicare.
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