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Senior Member
Nice doug555
Sound crazy? It is. http://adask.wordpress.com/2011/02/2...er-fools-frns/
Our monetary system is a kind of Alice-in-Wonderland, economic madness with Ben Bernanke starring as the “Mad Hatter”.
Will you pay—or merely promise to pay? That is the question.
FRNs are like IOUs. Suppose I want to sell ten acres of Texas ranchland for $100,000. Suppose no one wants to buy my land, except my friend Rick who not only lacks gold or silver to buy, but doesn’t even have enough FRNs to purchase my land. But if I’m a “motivated seller,” I might agree to accept Rick’s $100,000 IOU (promise to pay) for the land. http://www.landreport.com/americas-1...st-landowners/
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