Quote Originally Posted by Carl
FRN's (a.k.a. Dollars) are the primary unit of account by which all public/private debt can be extinguished. They are also a medium of exchange and are assumed to be a store of wealth.
I will take exception to this.

FRNs are notes. Notes are debt instruments. Notes transfer title, but the debt remains. FRNs discharge debt in equity.

Lawful tender extinguishes debt at law.