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:
“The adolescent does not develop her identity and individuality by moving outside her family. She is not triggered by some magic unconscious dynamic whereby she rejects her family in favour of her peers or of a larger society.... She continues to develop in relation to her parents. Her mother continues to have more influence over her than either her father or her friends.”
—Terri Apter (20th century)
“Much poetry seems to be aware of its situation in time and of its relation to the metronome, the clock, and the calendar. ... The season or month is there to be felt; the day is there to be seized. Poems beginning “When” are much more numerous than those beginning “Where” of “If.” As the meter is running, the recurrent message tapped out by the passing of measured time is mortality.”
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“The debt was the most sacred obligation incurred during the war. It was by no means the largest in amount. We do not haggle with those who lent us money. We should not with those who gave health and blood and life. If doors are opened to fraud, contrive to close them. But don’t deny the obligation, or scold at its performance.”
—Rutherford Birchard Hayes (1822–1893)