Re: Cheney's Halliburton to Control Iraqi Oil?

On Sunday 14 December 2003 03:03, Andreas Pour wrote:
> > What the state does with money is creating a medium of
> > exchange for the assets of the state,
> Second, this money is not asset-based but fiat money.  

I don't think that it matters. In an asset-based system the state has some 
kind of reserve, like gold, that can be exchange directly. A fiat currency 
does not have this directly, but the state has the right to get it by other 
means, e.g. a per-head extra tax or just seizing people's money.
That's why fiat money is just a medium of exchange. The sum of fiat money is 
the sum of all assets. The state is able to exchange it at any time.

> Just to be clear, a mortgage is a security interest in property which
> "secures" a debt.  It provides essentially a remedy (attaching and
> realizing on the mortgaged asset) to secure repayment of the debt. 
> Nevertheless it is independent of the debt itself.

The people of the state provide this mortgage with their assets. They are the 
guarantee that the debitor can get his money back.

bye...


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