- Aug 27, 2008
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- #121
I've explained it, and addressed many of those questions. I'm not going to sit here and repeat myself.
No there are a lot of things you have not explained.
How is Wal-mart going to price their products when there are a 1000 different "dollars"? You have not answered that.
Oh great. Now I a bunch of Iriemon bank dollars and no one has to take them. I gotta tell you, this system is sinking fast as a viable alternative.
However, since that currency would be a claim to a certain amount of gold or silver there should be no reason that Wal-Mart wouldn't accept that currency, unless the currency has in fact been debased and it isn't certain that they'd be able to claim their gold or silver with the "dollar."
What do you think Madoff "gold backed" dollars are worth these days? If you hold a million in Madoff dollars you're kind of screwed, aren't you?
Or is the Govt going to police every entrepreneur that decides to issue dollars?
I have addressed that. I said that they would only need price their products to gold or silver, and accept the number of dollars equal to that amount of gold or silver.
If your currency isn't debased there isn't any reason why they shouldn't be accepted.
No, just because you put Madoff's name on them doesn't change their worth, unless people simply stopped using the currency because of it's association to Madoff. So long as he hasn't inflated the currency to death and it's still redeemable in gold or silver then there's no problem.