Help Answer the Question: "What is an irredeemable promise?"

[Sapiens]

Please post your answer to the simple question: "What is an irredeemable promise?"

[Jim Nickerson]

Re: Help Answer the Question: "What is an irredeemable promise?"

Please post your answer to the simple question: "What is an irredeemable promise?"

An "irredeemable promise" is an oxymoron.

[jtabeb]

Re: Help Answer the Question: "What is an irredeemable promise?"

An "irredeemable promise" is an oxymoron.

"dollar as a store of value?"

[Judas]

Re: Help Answer the Question: "What is an irredeemable promise?"

ir·re·deem·a·ble

1. That cannot be bought back or paid off: an irredeemable annuity.
2. Not convertible into coin.
3. Impossible to remedy: irredeemable losses.
4. Impossible to redeem or reform: an irredeemable evil.

Pretty much any promise which fits the above.

If I promise to post every day for the next week you can't pay it off, convert it into coin, remedy it (unless you're a moderator I suppose), or reform me.

[Sapiens]

Re: Help Answer the Question: "What is an irredeemable promise?"

An "irredeemable promise" is an oxymoron.

I agree, care to tell the rest of us why is an oxymoron? It seems that many young ones have not been schooled in spotting the finer points of deceit.

[Sapiens]

Re: Help Answer the Question: "What is an irredeemable promise?"

If I promise to post every day for the next week you can't pay it off, convert it into coin, remedy it (unless you're a moderator I suppose), or reform me.

But if you do post as promised, have you redeemed your promise?

[Judas]

Re: Help Answer the Question: "What is an irredeemable promise?"

But if you do post as promised, have you redeemed your promise?

I'm afraid I'm irredeemable.

I could just fulfill my promise instead!

[Jim Nickerson]

Re: Help Answer the Question: "What is an irredeemable promise?"

I agree, care to tell the rest of us why is an oxymoron? It seems that many young ones have not been schooled in spotting the finer points of deceit.

Sapiens, you are the moderator, you asked the question, and I gave my answer. By your own choice, you are the "wise, intelligent" one here, and by my multitudinous acknowledgements, I am not. If you wish to expand on your reasons for asking the question, please do. I have no serious idea as to your point here.

[Jim Nickerson]

Re: Help Answer the Question: "What is an irredeemable promise?"

"dollar as a store of value?"

There is nothing I note on the current Federal Reserve Notes that mentions anything about promises.

[Sapiens]

Re: Help Answer the Question: "What is an irredeemable promise?"

Sapiens, you are the moderator, you asked the question, and I gave my answer. By your own choice, you are the "wise, intelligent" one here, and by my multitudinous acknowledgements, I am not. If you wish to expand on your reasons for asking the question, please do. I have no serious idea as to your point here.

I am not setting you up Jim. The reason for asking is that many have asked me how they can protect themselves and when I tell them the first thing to comprenhend is that we operate under an irredeemable currency they don’t understand what I mean by it.

When I ask them what an irredeemable promise is, they cannot answer.

The answer is simple; an irredeemable promise is an empty promise.

Many cannot fathom that the government issues promises that will not be redeemed and yet those promises are used as a medium-of-exchange.

Simple as that Jim.

[Starving Steve]

Re: Help Answer the Question: "What is an irredeemable promise?"

An irredeemable promise is the fiat money upon which the entire world's economy is based.

In the US, the irredeemable promises pay negative real interest rates in more irredeemable promises. And for this, more than for any other reason, I am vested in oil and gas income trusts.

Yes, the income from oil and gas income trusts is in more irredeemable promises, but at least I can pay a few bills with this toilet paper. I can keep the wolf from the door for a few years more.

In the end, the irredeemable promises will buy nothing and then a new fiat currency will be introduced: the Amero Dollar. And the confidence game will go on for a few more years.

What is amazing is how many times we all can be fleeced by fiat currencies. Five destroyed currencies in Argentina since WWII, five in Brazil, four or five in Bolivia, four or five such currencies in Chile, and the game still goes on.... Brazil is now the new "in" place to invest!

[Jim Nickerson]

Re: Help Answer the Question: "What is an irredeemable promise?"

I am not setting you up Jim. The reason for asking is that many have asked me how they can protect themselves and when I tell them the first thing to comprenhend is that we operate under an irredeemable currency they don’t understand what I mean by it.

When I ask them what an irredeemable promise is, they cannot answer.

The answer is simple; an irredeemable promise is an empty promise.

Many cannot fathom that the government issues promises that will not be redeem and yet those promises are used as a medium-of-exchange.

Simple as that Jim.

As I mentioned above, there is nothing on the current currency about promises. It is frightening to understand just what a piece of fiat currency represents today, and I would agree with you that few people actually understand it. I didn't when I first began reading iTulip, and actually I have forgotten the circle-of-nothing that explains what a dollar is, but for practical purposes it is the realm's medium of exchange regardless of its value, unless one wishes to spend one's bullion coins or barter in some manner.

[Judas]

Re: Help Answer the Question: "What is an irredeemable promise?"

The one place the irredeemable promises come in handy is redeeming them against debt denominated in those irredeemable promises after a major increase in irredeemable promises.

[Sapiens]

Re: Help Answer the Question: "What is an irredeemable promise?"

As I mentioned above, there is nothing on the current currency about promises.

Not quite, the title of the documents we trade as currency states they are Federal Reserve Notes, you have to know commercial law to understand that notes are promises. But let's not open that can of worms.

[Sapiens]

Re: Help Answer the Question: "What is an irredeemable promise?"

The one place the irredeemable promises come in handy is redeeming them against debt denominated in those irredeemable promises after a major increase in irredeemable promises.

Not redeeming them, but exchanging them.