Playing with semantics, timber. I'm sure you are aware that,...

Playing with semantics, timber. I'm sure you are aware that, just like currency (ie physical notes) bonds are another form of IOU. The only difference is that cash has an indefinite payback period whose face value deteriorates over time vs inflation, whereas bonds have a finite payback period whose face value ALSO deteriorates over time vs inflation. Both are backed by the good name of the country/cb/government of the time. So in essence one could say that currency and debt are exactly the same thing especially when the bonds duration is in excess of a reasonable time. I'm affraid I don't buy your argument. Sorry