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At least in the UK[1], the value of currency is that it's backed by the courts, and therefore enforced by police: > Legal tender...

At least in the UK[1], the value of currency is that it's backed by the courts, and therefore enforced by police: > Legal tender... means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. In other words, any transaction not involving fiat currency can be legally transformed into a transaction involving fiat currency (which makes "backed by gold/silver/whatever" currencies like Liberty Dollar[2] meaningless). Any transaction involving fiat currency which isn't settled can lead to legal punishment, ie. fines, prison, etc. Any punishment which isn't legal (eg. taking the gold which is 'rightfully yours') also leads to legal punishment, so there's no way to "escape" the system. [1] http://www.royalmint.com/aboutus/policies-and-guidelines/leg... [2] http://en.wikipedia.org/wiki/Liberty_Dollar

Posted by chriswarbo on May 6, 2015, 9:28 AM

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At least in the UK[1], the value of currency is that it's backed by the courts, and therefore enforced by police: > Legal tender...

chriswarboMay 6, 2015, 9:28 AM

At least in the UK[1], the value of currency is that it's backed by the courts, and therefore enforced by police: > Legal tender... means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. In other words, any transaction not involving fiat currency can be legally transformed into a transaction involving fiat currency (which makes "backed by gold/silver/whatever" currencies like Liberty Dollar[2] meaningless). Any transaction involving fiat currency which isn't settled can lead to legal punishment, ie. fines, prison, etc. Any punishment which isn't legal (eg. taking the gold which is 'rightfully yours') also leads to legal punishment, so there's no way to "escape" the system. [1] http://www.royalmint.com/aboutus/policies-and-guidelines/leg... [2] http://en.wikipedia.org/wiki/Liberty_Dollar

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