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The Problem With Modern Monetary Theory

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Modern monetary theory has been…

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Douglas V. Gnazzo

Douglas V. Gnazzo

Douglas V. Gnazzo is the retired CEO of New England Renovation LLC, a historical restoration contractor that specialized in the restoration of older buildings and…

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Legal Tender

Editors note: This is chapter 6 of Douglas Gnazzo's eBook Honest Money.


Legal tender laws result from the difference between the legal and the economic definitions of money. The two definitions need not be different, although they usually are. They can be the same. It depends on the type of monetary system in use and the policies it follows and conforms to.

In an honest monetary system there is no difference between the two definitions. Money is the same, however it is used. An ounce of silver is an ounce of silver. No further names need be attached, to do so only confuses and complicates the issue.

Honest Money -- Legal Tender, Chapter 6

 

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