Re: Creditary Economics (CE)

["Gunnar Tomasson" <tomasson@xxxxxxxx>]

Title: Re: Creditary Economics (CE)

 

----- Original Message -----

From: Harry Veeder

To: pkt@xxxxxxxxxxxxxxxx

Sent: Thursday, May 03, 2001 1:44 PM

Subject: Re: Creditary Economics (CE)

William B. Ryan,

>      In the era of "free

> coinage" it was possible to take any quantity of bullion to the mint and it

> would be coined into money. The mint would keep a percentage as its fee

> for the service rendered. How can such coins be considered debt

> instruments?

William was asking Geoffrey but I would like to respond.

 

Comment:

 

So would I - if I may.

 

The answer is analogous to the correct answer to the following question:

 

In the modern era, it is possible to take paper IOU of any given nominal face value to the bank and it will transform it into money.  The bank would charge interest as its fee for the service rendered.  How can such money be considered debt instruments?

 

Gunnar