In yet another "not-quite-end-of-the-world" novel by Stirling?, the central characters write checks and use all their paper money buying basic hand tools,seeds,etc. from a store as they are among the first to anticipate and flee the breakdown of urban life following the sudden complete and apparently permanent failure of all existing electrical devices.Of course the checks are worthless because the banks can't process any accounts so the store owner simply gets nothing in return for what becomes very valuable merchandise.
I'll keep my fiat money because it is the only kind the government issues.
I wasn't going to. My point was already made that while it's easy to claim the dollar is fake and has no value, it is another thing to part with it.
But note Dr. Paul did not say the dollar has limited value. He did not parse his words in the least. He said it was "fake money, this is counterfeit". Counterfeit money has no value and Ron Paul has a problem with hyperbole.
Think of FRNs as being the tickets you buy for use on the midway at the state fair. Because of the rules of the midway, you can’t pay for anything other than the tickets with money, you are saddled with buying and using the tickets for all the food and rides. The tickets work fine for riding the Ferris Wheel at the fair, but just don’t try to save any for next years fair. Folks that use the lame example about just sending them your FRNs don’t understand that when next years fair gets here, they’ll be welcome to last years tickets.