Legal Tender Care...

[bluegargantua]

Hi,


If someone gave you a choice between a stack of ordinary ten-dollar bills and a stack of ten-dollar bills that were printed on the back with a coupon for 5 gallons of gasoline, good at any gas station in the country, which would you choose?
--Bernard von NotHaus, Monentary Architect, Liberty Dollar

Homer: Aw, twenty dollars! I wanted a peanut!
Homer's Brain: Twenty dollars can buy many peanuts!
Homer: Explain how!
Homer's Brain: Money can be exchanged for goods and services!
Homer: Woo-hoo!
--Homer Simpson "The Simpsons"

Yeah, so the Liberty Dollar is a pseudo-currency created by Mr. von NotHaus and backed with gold and silver. More power to him I guess, but when I read the first quote I immediately thought of the second.

Also:

Sweetie! Let's name our kid Bernard von NotHaus!

later
Tom

Comments

[dirkcjelli.livejournal.com]

At some point, all money rests on a stack of fiction.

The US government might be disconserted if people were to redeem those 10$ for 5 gallon cupons today... which might have been your point.

Investing in metals... (especially copper, aluminum or aluminium, etc) would get really shakey if one had tried to do it several years ago to the present.

There is a -reason- silver maintains a constant value, and that reason is not "fate." Economists make it so.

[bluegargantua]

Well, my point is that if gas is $2 a gallon, then each $10 bill is, in essence, a coupon for 5 gallons of gas. In fact, a $10 bill is a coupon for everything that costs $10. That's the point. That's why it's *money*.

Yes, if the cost of gas goes up then the $10 is worth less, but if I was putting down actual silver or gold for the gas, then I'd have to put down a little bit more when the price rises so it's not like you gain anything from this.

later
Tom