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Understanding How All Money In The Economy Is An IOU (I Owe You)

 



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In this episode of Money Creation Explained, we are going to cover Understanding How All Money In The Economy Is An IOU (I Owe You).

In the modern economy, individuals and businesses pay for products and services using different forms of payments. These come in the form of a pay now or pay later methods.

Traditional pay now methods include paper money of that particular government (example, US Dollar), debit card, check, alternative payment apps, or bank wire for larger purchases where the money is changed in real time from buyer to seller.

Traditional pay later methods include credit cards, installments such as car payments, mortgages, other loans, and lines of credits for personal and business use from different institutions.

Both methods are a form of an IOU (I Owe You) because products and services are being exchanged for a form of US Dollars. The stored value does not matter of the particular bill's ($1, $2, $5, $10, $50, or $100) or coin's (1, 5, 10, 25, or 50) because the actual money being exchanged is an IOU to use anywhere else in the economy at a later time. The US Government writes on all paper money "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE" which means the dollar is an IOU of the US government.

It is not the money itself that creates the value, because the value of the money is not backed by any collateral. Before 1971, paper money was backed by Gold, so the government could only print based on their Gold reserves at Fort Knox (because paper money could be converted into gold). Nowadays, money is just paper, that when the government wants to print more, it can do that at any time. In essence, the only reason that money is worth anything is because all the people in society accept it's stored value and carry it's worth in exchange for products and services.

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