#economics #money
The lender is left with the IOU which (together with interest thereon) must be worth as much as the gold coins OR ELSE HE WOULD NOT HAVE LENT OUT THE GOLD COINS IN THE FIRST PLACE
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Mark Wadsworth: Glad to have cleared that up.anks of the power to create money" (FT 24.April)
14 November 2014 19:30
Mark Wadsworth
said...
"If the money lender hands over the gold coins as a loan, he will be left with a paper i.o.u and no real assets at all."<span>The lender is left with the IOU which (together with interest thereon) must be worth as much as the gold coins OR ELSE HE WOULD NOT HAVE LENT OUT THE GOLD COINS IN THE FIRST PLACE!!!!!!!! "What is he supposed to live on? Is he going to loan out the paper i.o.u as that's all he's got left?"FFS, grow up. What do you think bankers live off?????
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