Re: Backed money (reply to Mosler)

[Warren Mosler <mosler@xxxxxxxx>]

"ÁÎ×Ó¹â HenryC.K.Liu ¹ù¤l¥ú" wrote:

> Warren Mosler wrote:
>
> > Let me again
> > bring in Innes' What is Money, 1913, from http://www.warrenmosler.com
> >
> > "But a government produces nothing for sale, and owns little or no property; of what value, then, are these tallies to the creditors of the government?
>
> This is factually not correct.  The US governemnt owns 80% of the nation's land.  Similarly for Hong Kong, the SAR government owns all the land, and leases about 15% currently to the private sector.

It was written in 1913 about whatever govt the UK had a hundred or so
years before.  Point is a govt can give value to its currency quite easily
by selling something real to get it, but even without having anything to
sell, etc...

And Adam Smith said the same thing over 100 years before that.

w

>
>
> Henry C.K. Liu