Relation To Debt
A debt is a deferred payment; a standard of deferred payment is what they are denominated in. Since the value of money – be it dollars, gold, or others – may fluctuate over time via inflation and deflation, the value of deferred payments (the real level of debt) likewise fluctuates. A device is termed "legal tender" if it may serve to discharge (pay off) debts; thus, while US dollars are not backed by gold or any other commodity, they draw value from being legal tender – being usable to pay off debts.
Read more about this topic: Standard Of Deferred Payment
Famous quotes containing the words relation to, relation and/or debt:
“To be a good enough parent one must be able to feel secure in one’s parenthood, and one’s relation to one’s child...The security of the parent about being a parent will eventually become the source of the child’s feeling secure about himself.”
—Bruno Bettelheim (20th century)
“[Man’s] life consists in a relation with all things: stone, earth, trees, flowers, water, insects, fishes, birds, creatures, sun, rainbow, children, women, other men. But his greatest and final relation is with the sun.”
—D.H. (David Herbert)
“They who have been bred in the school of politics fail now and always to face the facts. Their measures are half measures and makeshifts merely. They put off the day of settlement, and meanwhile the debt accumulates.”
—Henry David Thoreau (1817–1862)