| | Michael:
re: You can issue your own IOUs.
I for sure can in a value-for-value barter economy. "Thanks for the gasoline. Hang on to these IOUs. They are redeemable for Pet Therapy. You or someone else may want some Pet Therapy in the future."
But, trying to imagine our nation with 300,000,000 variants of IOUs in circulation. I guess we'd have a lot of IOU conversion charts. In fact, the selling of IOU conversion charts would be a growth industry.
Well, maybe we restrict to just the states. How about our economies with 50 variants of value-proxies in circulation? Not quite so bad as 300,000,000.
Nationwide value-proxies are not all downside, or else we wouldn't use them.
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