You might be able to trade dollars for Yen, but that doesn't make it money.
It's all money. Whether it's a $100 bill or a $1,000 check, it's a unit of value traded for value. Of course, we all accept yen, indirectly, since yen are very easily convertible into dollars and spent. If you had yen where I live, you could walk into a bank and easily convert it into dollars immediately (we have a large temporary Asian population where I live; converting your yen would be more difficult in rural Nebraska). Actually, I don't even need a bank. You just jogged my memory--I've taken thousands of dollars in payments in foreign currencies using Paypal. So I've actually accepted Pounds, Euros, Canadian dollars, and Israeli new shekels as payment for goods/services.
Maybe that's when you'll figure out that monetizing debt is eliminating the debt. Once it's monetized, there is no debt. That's the point of debt monetization.
Do you have a credible source for your claim that it ever happened?
If you have to redeem one kind of currency for another kind in order to spend it, then its not money.
In that case why doesn't the Fed just monetize all $120 trillion so we aren't in any debt of any kind and also have SS, Medicare and everything else fully funded?
Yeah really. The debt was in your hands. You discharged it to apple or office depot. Now they own the debt. If you paid in gold or oil or baloney sandwiches, apple or office depot would own no debt. They would own a commodity then so it is completely different Mr. Legislator sir.
Actually it does, they use Special Drawing Rights which is paper gold lol fail.
And who made up that rule for the definition of money? You? Thanks, I'm totally convinced.
The fact that it can be done doesn't mean that it should be done. The Fed could print $15 trillion and pay off the national debt right now; we would owe nothing. Of course, the economic consequences of distributing those blatantly devalued dollars would be enormous and rippling.
Oh, Ok! Except that debt they're holding can be traded for value, just as I traded it to them for value. So by owning "debt" they actually can obtain value. It doesn't seem this debt you're talking about is really functioning as debt, does it?
Given the amount of time you spend here, I don't believe you for a second, and if it's true, it's truly pathetic that you spend so much time here when there are evidently much better things you could be doing. But it's your life and those are your choices to make.
You can repeat that dollars are debt all you like. In reality you trade them for value.
Where does the "value" of the notes come from?
I post less than you do, I have been here posting for 6 years, you on the other hand have been around for only DAYS. If you were keen to notice, you might have guessed that I rarely post more than once a week. Got alot of shit to do farming all this acreage. You aren't keen though.
What conspiracy theory? That currency isn't money?
Which is exactly where the value of gold comes from. That doesn't mean its value is based on debt; its value is based on the universal societal agreement that it has value.