Quote:
Originally Posted by cjr72
Debts can incurred with no money transferred at all. At that point the debt can be extinguished by legal tender even if the creditor would prefer payment in gold and views dollars as worthless.
|
But if no monetary value is assigned to the specific debt, then it is ultimately the courts or some mutual agreement amongst the parties that settles the value of the debt, based on the relative valuation one places on the debt and on the dollar.
Quote:
I see your point and yes the value of the dollar goes up and down against other currencies and precious metals, etc. depending on people's collective faith in the dollar. Still at the end of the day if the IRS can put you in jail for not extinguishing your tax obligations with legal tender, you're going to value the dollar to the extent that you value your freedom.
|
The IRS throwing you in jail for failure to pay taxes really says nothing one way or the other about whether belief is required for money to work.
Mind you, I am not for getting rid of money; to my mind it remains the single most important invention for the existence of civilization on anything other than the local level. I just believe in recognizing the truth when it stares me in the face
.
--
Bill