1800+ entries in 0.088s
mjr_: i told you that if i gave you $5, your debt is my asset
mjr_: this is all obvious
mjr_: you do know that right
mjr_: not like handed down by moses
mjr_: it is a piece of paper made by people
mjr_: go look at gox's balance sheet
mjr_: so you are saying that we have a fully backed currency
mjr_: but there are dollars not created via debt
mjr_: they pay all costs to manufacture or mint
mjr_: not creates by lending
mjr_: i just proved you wrong
mjr_: you said dollars couldn't exist without debt
mjr_: you said "every dollar is a debt, it can only be created through debt"
mjr_: which...how can they pay for something which they created?
mjr_: the fed pays for it
mjr_: the treasury doesn't just give the money to the fed
mjr_: but they don't create it
mjr_: that is def not true
mjr_: well its true the fed said it
mjr_: oh, the fed says that they should print more money
mjr_: i don't care what they write on paper
mjr_: you don't redeem them
mjr_: but in the real world, in your real life
mjr_: sure its fun to talk about retarded shit like this
mjr_: i think that you are missing the forest for the trees
mjr_: what "debt" backs those?
mjr_: they don't issue them
mjr_: and are not made by the fed
mjr_: there is no rule anywhere that says it does
mjr_: that entry in the book is an asset
mjr_: i put in a book, " cerelenius owes me $5"
mjr_: in the human made scheme that conforms to GAAP
mjr_: or rather...i should say that in our accounting system, a receivable is listed as an asset
mjr_: a debt is a "receivable" which is an asset
mjr_: you are mixing up accounting terminology with real life
mjr_: to say that the fed has "assets" backing their dollars
mjr_: this is why you are silly
mjr_: fully backed of course
mjr_: whatever you say bud
mjr_: the treasury actually creates the dollars, at least m0
mjr_: are you saying it is physically impossible to print a dollar bill without the fed?
mjr_: since you don't seemm to understand
mjr_: i am trying to talk about the BASIC definitions
mjr_: what if no one owed anybody anything?
mjr_: not if you don't owe anything
mjr_: yes i know all this, and it doesn't change the fundamental everyday reality
mjr_: davout: exactly "assets"
mjr_: that is what you would call "accounting"
mjr_: since the fundamental core concept of a debt is that it can be "redeemed"
mjr_: it cannot be a debt
mjr_: you cannot redeem a dollar for anything
mjr_: the fed owes us nothing
mjr_: liability is something which is owed