PERHAPS the sentiments contained in the following pages, are not yet sufficiently fashionable to procure them general favor; a long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defence of custom. But the tumult soon subsides. Time makes more converts than reason. -Thomas Paine (1737-1809). Common Sense, 1776
There's always a discount on an I.O.U. The amount depends on its
perceived likely-hood of being paid. The dollar is, in essence, such an
I.O.U. The perception of repayment is dropping and you can follow it
by watching the value of dollars on the market. --L. Reichard White, Tuesday, November 09, 2010 11:04 AM
Labels: debt clock, deficit, fiat, fiat currency, government debt, national debt, The BIG One
posted by L. Reichard White @ 8:16 AM
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L. Reichard White [send him mail] taught physics, designed and built a house, ran for Nevada State Senate, served two terms on the Libertarian National Committee, managed a theater company, etc. but his hobby is explaining things he wishes someone had explained to him. You can find a few of his other explanations here.
