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:
“You see, I am alive, I am alive
I stand in good relation to the earth
I stand in good relation to the gods
I stand in good relation to all that is beautiful
I stand in good relation to the daughter of Tsen-tainte
You see, I am alive, I am alive”
—N. Scott Momaday (b. 1934)
“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.”
—William Harmon (b. 1938)
“However patriarchal the world, at home the child knows that his mother is the source of all power. The hand that rocks the cradle rules his world. . . . The son never forgets that he owes his life to his mother, not just the creation of it but the maintenance of it, and that he owes her a debt he cannot conceivably repay, but which she may call in at any time.”
—Frank Pittman (20th century)