Federal Reserve Notes used to be receipts for gold. Now they are receipts for nothing. Some people call them paper money, but I don’t like this name b/c no other type of money, such as gold, needs the word “money” attached. I was going to call them paper tickets, but a girl on the train said she thinks a ticket can be redeemed for something. Just calling them paper might imply they are bonds. I want a name that implies zero inherent value. Any ideas?
fiduciary media
Debased Paper Currency
Paper money is correct. Maybe fiat money.
And they are not fiduciary media.
I call them “slave points”.
“Paper tickets” have the same amount of value that people subjectively put to it.
So how does gold have any more value than what people subjectively put to it?
We shall use the term money certificates for those money substitutes that are completely covered by the reservation of corresponding sums of money, and the term fiduciary media*53 for those which are not covered in this way
so what is backing the paper money to make it not fiduciary?
Backed by what? Paper money is the money.
Still laughing lol..
if you cant say what its backed by its fiduciary. what does fiduciary mean to you?
Coupons
Fiduciary media are IOUs. The dollar is fiat money.
indeed , in the main, fiat money is government instituted fiduciary media.
traditionally, fiduciary media were those money substitutes that were not backed up by commodities,
in contrast to money substitutes that were backed up by commodities. and so you would find fiduciary media was a proportion of the set of money substitutes.
by money substitutes are an alias for your reference to IOUs. ( there is a lot of difference between owing something and owing nothing.)
fiat money, is money by decree, government saying that “there is no other money and this is the only money” about whatever they say it about.
it is a logical possibility for fully backed money to be what is enforced by fiat. yet this has not been the modern way.
the modern way has been to make purely fiduciary media money by fiat, with no money subsitutes backed by commodities.
I hope this helps.
I am saying your distinction between backed and unbacked IOUs is meaningless.
why is distinguishing between ownership deeds to something and ownership deeds to nothing, ‘meaningless’?
All IOUs are deeds to something. They are all the same. You cannot differentiate between them.
if i offer you a rothbard which is a title to gold in a vault, and a friedman which is an IOU for … nothing…
they are not differentiable?
A is A, not not-A. lol
Neither are fiduciary media anyway.
you non-sequitor more than anyone else I’ve seen posting lately. and not insightful.
the Rothbard would not be fiduciary since it would be fully backed. the Friedman would be an attempt at offering fiduciary media.
im pretty confident you have no idea what fiduciary media is.
You are being too trusting =] Scineram knows full well what he is talking about and is muddying the waters on purpose.