Real0ne
Posts: 21189
Joined: 10/25/2004 Status: offline
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quote:
ORIGINAL: Musicmystery Yes, that's it exactly. People kept their gold at goldsmiths to take advantage of their security. Goldsmiths gave them IOUs to trade instead of carrying around the gold. Then goldsmiths realized they could float more IOUs then gold. Entirely a plan, scheme, thought, notion, idea. If it's widely accepted, it's money. And if not---then gold is a soft yellow rock. Oh so you really meant it was a scam then? Gold smiths did not write them an IOU they gave them a certificate which was title to whatever the amount of gold named on it, it was title to that amount in the vault. that is NOT an IOU.
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"We the Borg" of the us imperialists....resistance is futile Democracy; The 'People' voted on 'which' amendment? Yesterdays tinfoil is today's reality! "No man's life, liberty, or property is safe while the legislature is in session
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