Subject:
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Re: TJ acknowledged a Creator in DoI (was: Re: Those stupid liberal judges are at it again!
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Thu, 12 Sep 2002 03:31:21 GMT
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Viewed:
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908 times
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In lugnet.off-topic.debate, William R. Ward writes:
> The value of the dollar was once based on the value of gold. It is
> now based on absolutely nothing but the will of the people to keep it
> going.
As Larry has pointed out already, this isn't exactly correct. The value of
a U.S. dollar is statutory in law and has it's origins in Art.I Sect 10 of
the Constitution. That the U.S. has the burden of producing Constitutional
dollars is without question (not even a constitutional amendment contradicts
this responsibility).
The value of Federal Reserve Notes is another matter...and as you say,
largely a matter of faith (a faith that shifts from belief in a substance,
to entries in a database, to the veracity of accounting techniques -- ask
the people of Argentina how much they liked these kinds of practices and how
they operated to destroy the economy over there). I think this is what is
called "funny money."
But yeah, this is now going way off the topic at hand.
-- Hop-Frog
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