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example of (private) money creation under gold standard
#economics #money
You obtain (or supply) goods and services on credit, i.e. payment at a later date. The fact that the indebtedness is measured in terms of of how many gold coins will change hands in future is by the by. You can measure it in gold coins, pounds, dollars, payment in kind or bags of salt.
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Mark Wadsworth: Glad to have cleared that up.
is indebted to anybody. "The answer is “no one”. And the same goes for all commodity monies." Even back in the day when we used gold coins, the split second that any of the following occur, you have a debt-based money system: a) <span>You obtain (or supply) goods and services on credit, i.e. payment at a later date. The fact that the indebtedness is measured in terms of of how many gold coins will change hands in future is by the by. You can measure it in gold coins, pounds, dollars, payment in kind or bags of salt. b) Somebody borrows gold coins from a money lender. The gold coins still very much exist, but the money lender no longer owns those gold coins, what he owns is a promise by the borrower


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