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On Verifiability

My facebook comment;

 

besides that, there is no money. even if there was, no American has been allowed to have any since 1933,

 

Mr. Turney copies, pastes, and edits:

Chris Turney money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context,[1][2][3] or is easily converted to such a form. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfills these functions can be considered as money.. It's pretty tought to herd a dozen goats to a place you can trade for a pig or two.

 

I try again:

All well and good. But under scrutiny, we find that the dollar is not any item by any possible definition. Nor is there any such thing as verifiability when it comes to the US dollar, or any other currency being used by any nation on earth in our generation. What passes for verifying is simply noting a cancellation of a bank, somewhere, owing some entity less in exchange for some bank saying they are owing that much more to some other entity. But the bank will not say WHAT they are owing, nor can they, because there is no what to count, measure, or define.


Creation date: Mar 31, 2016 9:30am     Last modified date: Mar 31, 2016 9:42am   Last visit date: Dec 28, 2024 10:19am