What Is Money?

[oilsander1]

Greenspan's celebrity status has waned over the last couple of years. :)

[TruthAxe]

In the U.S., money is legal tender notes and coins.

Everything else, from checking accounts to credit cards are LEGAL CONTRACTS that give the holder the right of claim to get paid in legal tender money at a designated time in a future.

Surprisingly, mostly what Greenspan said is accurate.

However, the U.S. Mint knows exactly how many legal tender notes it has printed and how many legal tender coins it has struck.

Maybe Greenspan means that the Fed Res doesn't know how many are circulating.

[dontblamethemessenge]

yes, if even Greenspan does not know what money is...

[MrBankRuns]

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