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> Money was a liability like now. It's just that the associated promise was different.

Is there any promise associated with money now (except "you don't go to jail if you pay enough taxes in government's money")? If not, then I can't see money as a liability, only as an investment (i.e. the government prints money, sells it for other assets (FX, bonds, stocks, etc.).



You can only pay yours debts with the government with money created by the government. And this is not something new.

Government money is, also, a liability in a very real accounting sense too.

When the government creates money (by crediting the accounts of their providers, for instance) it is also registered as a liability for itself.

This same money always will be accepted back as a payment. That's the promise.


The promise is to accept for settlement of tax obligations.




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