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overtheedge
Member since May 2012
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The enemy in the mirror

- Franklin Sanders - The Money Changer

Interesting possibilities here.

A debt is rent. The debtor has in fact rented some tangible from the renter.
Yes, fiat currency is still tangible as long as those using it agree. Oh, and the dictates of government.

I rent you a skid-steer loader for a period of time for some consideration and at the end of that rental period, I regain possession of the loader. NOT some cash equivalent.

Ergo, rent gold/silver coins for a period of time for some consideration (interest/fee) and at the end of the rental period, the return of the coins must be complied with.
Same for loans of bullion.

The gold/silver is either money or it is a commodity. Or the coins are money and the bullion a commodity. Or, ...

Perhaps the real problem is attempting to fix PM valuations and then game the system. Use a standard system of weights and measures. That is the best way to deal with the problem. Let the valuation of the currency float against PMs. Use both currency and PMs side by side.

Commented 4370 days ago

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Beginning of the headline :Effective October 27, 1977 (twenty-five years ago) gold clauses once again became enforceable in US courts. On June 5, 1933 House Joint Resolution No. 192 went into effect, which declared that it was against public policy to discharge debts by paying gold. That is, HJR 192 effectively made "gold clauses" (contractual agreements specifying payment in gold) unenforceable in court. They were not "forbidden" in the sense that you could go to jail for contracting in gold, you just could not avail yourself of the courts to enforce a gold clause in case of default... Read More

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