Comment: But Alan, what about the debt inherent in paper script?

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But Alan, what about the debt inherent in paper script?

The dollar is an IOU. It is a promise of redemption in something valuable to us. It is a note to guarantee the transfer of value of what was sold for the value of a future purchase. If hanging onto the note for a year causes it to lose value then what kind of guarantee is it?

You see, by printing the extra money to pay for its profligate spending the federal establishment erodes the promise, the guarantee of value of the notes held by all, and that is absolutely a default. It's as if I borrow a cup of sugar from you and then repay you with a cup of dirt.

I really think you need to go back and read what Ayn Rand had to say about money.

New Hampshire and Ecuador.