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To: abb
A medium of exchange, a common measure of value (or unit of account), a standard of value (or standard of deferred payment), and a store of value.

All of which are experiential. US government greenbacks are simply barter if you look at it as a promise to pay. Money competition removes the power to manipulate the economy via interest rate and reserve requirements, etc.

Money is fungible.

29 posted on 02/24/2015 4:28:20 AM PST by 1010RD (First, Do No Harm)
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To: 1010RD

Yes it is. But it still must be accepted. Notice how during the “bitcoin” craze, the value was still measured in dollars.

And watch all the ads for gold on TV. They can’t wait to sell it to YOU and convert it into something that will spend, namely dollars.


30 posted on 02/24/2015 4:36:55 AM PST by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: 1010RD
Money competition removes the power to manipulate the economy via interest rate and reserve requirements, etc.

Competition between Euro, Dollar and Yen hasn't removed that power, why would competition between banks or other domestic issuers?

34 posted on 02/24/2015 5:34:38 AM PST by Toddsterpatriot (Science is hard. Harder if you're stupid.)
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