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Wednesday, August 11, 2010

Scanning the LRC Blog...

sure gives me lots of material! Here, David Kramer demonstrates that every 16-year-old cashier in the country is smarter than him. The definition of counterfeit: "made in imitation of something genuine so as to deceive or defraud; forged" (from yourdictionary.com).

David, government-issued fiat money is exactly what it purports to be -- government-issued fiat money. It can buy you things. It is not an imitation of anything else.

Counterfeit money, on the other hand, is a copy of fiat money. Once detected as a copy, it is worthless.

Every time I see some nut declaring "fiat money is worthless" I always ask them to send me all of theirs. Interestingly, not one of them ever has.

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