How many of you people actually know for every $1 there is $1 of debt?

So you're now denying that the Spanish dollar had a premium? Golly!

 

There is something to be learned from the story, but you appear unwilling to give it the necessary thought. Allow me to modify the story more fitting to reality that does exist.

A tourist comes to town. He enters the only hotel and rents a room paying $100.

The hotel proprietor takes the 100 dollar bill and runs to pay his debt owed the butcher.

The Butcher takes the 100 dollar bill and runs to pay his debt owed the pig raiser.

The pig raiser takes the 100 dollar bill and runs to pay his debt owed the supplier of his feed and fuel.

The supplier of feed and fuel takes the 100 dollar bill and runs to pay his debt owed the town’s prostitute that, in these hard times, gave her “services” on credit.

The hooker runs to the hotel, and pays off her debt with the 100 dollar bill to the hotel proprietor to pay for the rooms that she rented when she brought her clients there.

As the result of a single $100 bill being spent, the hotel proprietor, butcher, pig raiser, feed and fuel supplier, and hooker have eliminated their debt and the hotel proprietor again has the single $100 bill that just eliminated $500 of debt.

Tell me that is not only possible but how money is actually put to use.

All I've attempted to do is show you that the OP claim of there being $1 for every $1 of debt is incorrect, there is much more debt than the dollars that exist.

 

You're completely missing the point of the story, so I rewrote it in post #202 to fit reality.
See if you don't agree with that. Except for the point of the original story, the result is the same.

 

they were already in wide circulation silly.

 

You continue to struggle. The Spanish dollar carried a premium. That would mean exporters gained and workers lost; i.e. independent of comparative advantage, capital wins and labour loses.

 

nobody pays a premium on coins already in circulation

 

You continue to make me laugh. A premium means the creation of the US dollar redistributed wealth from labour to capital. Where's the 'its evil, its theft' bellowing gone?

 

What should I do? Shoot myself? If I ever get control over the monetary system and the government, I'll get to work on it.

 

What's comedic, exactly?

You're simply citing evidence that the dollar was a thing known to the founders at the time of the convention, which is what I pointed out many posts ago.

 

Never said it was evil or theft, you did

 

Get screwed by it

 

You're leaving out the first part of the story. Every bit of debt in existence was first created as dollars and credited to the account of the person selling the goods to the debtor. The only dollars that don't exist are the future dollars necessary for the debtor to pay the creditor in the form of interest

 

And from the St Louis Fed as shown in my post #191

As of 21 December 2017 the Federal debt ALONE amounts to $20,492,946,882,116.34
The latest data I have from the St Louis Fed is:
M1 = $3,847,692,000,000 ......12/20/2017
M2 = $13,866,000,000,000 ....12/11/2017
And it would only be worse if State and local government debt and private debt was to be included.
There is MORE than $1 of debt owed relative to each $1 in existence.

 

Great if you're rejecting the 'tax is theft' bobbins from the fake libertarians. That would be a spiffing outcome!

 

Tax is the forcible taking of other's property via the threat of force. Libertarians oppose such acts, even when the taker is the state.

 

Best speak to squid!

 

Yes, that money will need to be created by the issuance of new debt, to pay the interest on the old debt

 

Yes, we all know, converting labor into capital is the the real crime. We've heard it all before

 

Try to be coherent my good chap! I've stated the obvious: (1) The premium essentially ensures a redistribution from capital to labour, independent of any productivity criteria; (2) That's on a par with tax redistribution.

 

Contrary to the delusions of the insane, not all thoughts originating in their heads are coherent

 

Tut tut, a non-response. Get back to me when you can try a less churlish effort!

 

Churlish your new favorite word?

 

I'll have to assume that you have no valid economic counter. What a surprise!

 

Sp

1)assures: assumption, unproven
2)on par: emotionality, opinion

 

You can't even play the dictionary card? I'm feeling worried for you now