[GJM] True or False?

[John Hermann]

Steve did not mention the money supply, he mentioned currency. Which, as you 
know, embraces a small fraction of the money supply and also a small 
fraction of bank reserves. I should also mention that taxes are not 
characteristically paid in currency (coins and notes), but in bank credit 
money - backed up with bank reserves. 

John Hermann 


Rodney Shakespeare wrote: 

> I do not understand Steve's  question.  For a start, at a meeting on 
> Wednesday evening in London,  an American author stated that the 
> American banking system creates around 99% of the USA's money supply. 
> 
>> On Oct 9, 2007, at 12:02 PM, Steve Consilvio wrote:
>>> Hi All,
>>> I would like ask everyone to answer the following question, with a
>>> true or false response:
>>> --->  Is it absurd for the government to coin the currency, and then
>>> ask for it back again in taxes?  <----