Uploaded by PArticenens on Jul 13, 2011
Federal Reserve Chair Ben Bernanke presented to the committee the Federal Reserve Board's semiannual report on monetary policy. July 13 2011
Traditionally answered
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Uploaded by PArticenens on Jul 13, 2011
Federal Reserve Chair Ben Bernanke presented to the committee the Federal Reserve Board's semiannual report on monetary policy. July 13 2011
Traditionally answered
Gold is money.
Just not within the United States or within the Federal Reserve districts (IMHO).
ASSETS', n. plu. [L. sat, satis, enough.]Quote:
Originally Posted by Rock Anthony
Goods or estate of a deceased person, sufficient to pay the debts of the deceased. But the word sufficient, though expressing the original signification of assets, is not with us necessary to the definition. In present usage, assets are the money, goods or estate of a deceased person, subject by law to the payment of his debts and legacies. Assets are real or personal; real assets are lands which descend to the heir, subject to the fulfillment of the obligations of the ancestor; personal assets are the money or goods of the deceased, or debts due to him, which come into the hands of the executor or administrator, or which he is bound to collect and convert into money.
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Paul: Do you think Gold is Money?
Bernacke: No, its an asset.
From Bouvier's Law Dictionary
Damn, just can't seem to get away from those pesky trusts! :DQuote:
ASSETS. The property in the hands of an heir, executor, administrator or trustee, which is legally or equitably chargeable with the obligations, which such heir, executor, administrator or other trustee, is, as such, required to discharge, is called assets. The term is derived from the French word assez, enough; that is, the heir or trustee has enough property. But the property is still called assets, although there may not be enough to discharge all the obligations; and the heir, executor, &c., is chargeable in distribution as far as such property extends.
2. Assets are sometimes divided by all the old writers, into assets enter mains and assets per descent; considered as to their mode of distribution, they are 1egal or equitable; as to the property from which they arise, they are real or personal.
3. Assets enter maim, or assets in hand, is such property as at once comes to the executor or other trustee, for the purpose of satisfying claims against him as such. Termes de la Ley.
4. Assets per descent, is that portion of the ancestor's estate which descends to the heir, and which is sufficient to charge him, as far as it goes, with the specialty debts of his ancestor. 2 Williams on Ex. 1011.
5. Legal assets, are such as constitute the fund for the payment of debts according to their legal priority.
6. Equitable assets, are such as can be reached only by the aid of a court of equity, and are to be divided,, pari passu, among all the creditors; as when a debtor has made his property subject to his debts generally, which, without his act would not have been so subject. 1 Madd. Ch. 586; 2 Fonbl. 40 1, et seq.; Willis on Trust, 118.
7. Real assets, are such as descend to the heir, as in estate in fee simple.
8. Personal assets, are such goods and chattels to which the executor or administrator is entitled.
And 'ASSETS' defined by Black's Law Dictionary. In probate law it says!
Civiliter Mortuus anyone ?