2
Sep
2004

What Makes Money Valuable?

Page 3, Modern Money Mechanics: pub. Fed bank of Chicago.

What Makes Money Valuable?

In the United States neither paper currency nor deposits have value as commodities. Intrinsically, a dollar bill is just a piece of paper, deposits are merely book entries. Coins do have some intrinsic value as metal, but generally far less than their face value. (maybe 97 percent less?)

What, then, makes these instruments - checks, paper money, and coins - acceptable at face value in payment of all debts and for other monetary uses? Mainly, it is the confidence people have that they will be able to exchange such money for other financial assets and for real goods and services whenever they choose to do so. (The opposite of 'real' is imaginary--their spurious specie is imaginary)

DID THEY OR DID THEY NOT ADMIT OPERATING A CONFIDENCE GAME?

Did they not admit the history of banking is a history of fraud? Read on!

In the absence of legal reserve requirements, banks can build up deposits by increasing loans and investments so long as they keep enough currency on hand to redeem whatever amounts the holders of deposits want to convert into currency. This unique attribute of the banking business was discovered many centuries ago.It started with goldsmiths. As early bankers, they initially provided safekeeping services, making a profit from vault storage fees for gold and coins deposited with them. People would redeem their "deposit receipts" whenever they needed gold or coins to purchase something, and physically take the gold or coins to the seller who, in turn, would deposit them for safekeeping, often with the same banker. Everyone soon found that it was a lot easier simply to use the deposit receipts directly as a means of payment. These receipts, which became known as notes, were acceptable as money since whoever held them could go to the banker and exchange them for metallic money.Then, bankers discovered that they could make loans merely by giving their promises to pay, or bank notes, to borrowers. In this way, banks began to create money. More notes could be issued than the gold and coin on hand (FRAUD!)because only a portion of the notes outstanding would be presented for payment at any one time. Enough metallic money (NO SUCH ANIMAL!) had to be kept on hand, of course, to redeem whatever volume of notes was presented for payment.

WHEN THE GOLD SMITHS SAW IT WAS MORE PROFITABLE TO WORK PEOPLE THAN GOLD, THEY STOPPED GOLDSMITHING AND BECAME BANKERS,

ya don't see the fraud here, Mr. Miner?

What limits the Amount of Money Banks Can Create? If deposit money can be created so easily, what is to prevent banks from making too much - more than sufficient to keep the nation's productive resources fully employed without price inflation? Like its predecessor, the modern bank must keep available, to make payment on demand, a considerable amount of currency and funds on deposit with the central bank. The bank must be prepared to convert deposit money into currency for those depositors who request currency.

The only thing congress ever made "current as money" was silver coins!!

Do banks offer silver coins to depositors, Mr. Miner? Or do they admit fraud and a confidence game?

Quotes above are straight from the "horses' mouth".

Get whole booklet here:
http://landru.i-link-2.net/monques/mmm2.html#MODERN

They admit that no money goes to Washington as taxes. I have offered that page to thousands and I don't think more than two cared to see it. Maybe they trust me?

The IRS wrote that dollar bills "are not dollars" so when you report an income of "dollars" what did you have in mind?

Why don't ya tell us what branch of government ya work for Mr. Miner?


Informant: Nilbux
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