On The Subject Of Private Credit

[shikamaru]

I'm not disputing the term. By law, the Federal Reserve Note is the Money Of Account. Bookkeeping entries are not money and it's the propagation of that damnably fallacious notion that drives fractional reserve banking. If bookkeeping entries were money then we there wouldn't be bank failures and wouldn't need the FDIC, now would we?

Accounting entries are money of account, but not money of exchange. FRNs currently function as money of exchange.

Your initial post is saying the same thing: that there is money of account and money of exchange. Read my posts #22 and #23.

Gold and silver coins are collectable commodities. If you chose to barter them away at stamped value, that's your prerogative. I'm not going to argue them any further because they are irrelevant to the subject.

Exchanging one's coins at values deemed legal tender is not barter.
Barter is the exchanging of items sans any medium of exchange.
Gold and silver coin stamped in dollars as the unit of account exchanged at legal tender value in accordance with public policy of the government of the United States implies said gold and silver coin is the medium of exchange for products, services, or goods.
Gold and silver coin is always relevant to any discussion of money whether historical or contemporary.

Commodity (market), face, and numismatic values are distinctive beasts.

Yes, FRNs are mistakenly reffered to as USDs.

It appears you've been a member here long enough to know the difference between a USD and an FRN, so why the dumb act?

Now, now... this is a discussion. Let not frustration get the better of you. Misunderstanding and miscommunication is not stupidity. I'm trying to communicate with you.

We can disagree without being disagreeable ... or at least I hope.