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 whole point of Camp is to dethrone the serious. Camp is playful, anti-serious. More precisely, Camp involves a new, more complex relation to “the serious.” One can be serious about the frivolous, frivolous about the serious.”
—Susan Sontag (b. 1933)
“The instincts of the ant are very unimportant, considered as the ant’s; but the moment a ray of relation is seen to extend from it to man, and the little drudge is seen to be a monitor, a little body with a mighty heart, then all its habits, even that said to be recently observed, that it never sleeps, become sublime.”
—Ralph Waldo Emerson (1803–1882)
“Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.”
—Rutherford Birchard Hayes (1822–1893)