From: gerald_a_levy (gerald_a_levy@MSN.COM)
Date: Tue Apr 29 2003 - 13:08:23 EDT
Paul C wrote on Tuesday, April 29: > I want to consider the obverse situation - what validates > the money issued by the state bank and or the credit system. Exchange. The state bank can issue promissory notes, but those notes must still pass the "test" of exchange to be socially validated as money. If, for whatever reason, those notes are not accepted as a medium of exchange and if those notes are not able to serve the other functions of money, then they don't become, or continue to be, money and revert to what they were before being issued by the state bank, i.e. just pieces of paper. In solidarity, Jerry
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