GOLD 0.51% $1,391.7 gold futures

"Bank note itself is a form of IOU that used as money for...

  1. 6,116 Posts.
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    "Bank note itself is a form of IOU that used as money for transaction, people accept this, while treasury is a investment vehicle that you use your 'iou' to buy and invest."

    I agree with that statement. The problem is, what is the IOU? More of the same, or something more valuable. If I had to call on the US treasury for an IOU on their USD, I certainly wouldn't want MORE USD.....
 
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