If money is a claim on wealth which you don't have. How can it be a debt. Isn't debt a claim someone else has against you?
Sorry if I miss your point.
If money is a claim on wealth which you don't have. How can it be a debt. Isn't debt a claim someone else has against you?
Sorry if I miss your point.
Hi kongreif, I try to break down professor Quigley's quote and more in the blog. If I succeeded.. you can be the judge :)
I think it works as an analogy, but the term isn’t broadly appropriate because the money itself holds the value being exchanged. So despite it behaving like one because it doesn’t have direct utility, it also doesn’t have any specific counterparty risk and is a liability for no specific individual, so it isn’t really a “debt” either.