The American money capture

[hughes@ah.com (Eric Hughes)]

>The trust issue is fungible.  If you trust Yankee greenbacks, and
>my receipts rank pari-pasu, with them, then you trust my
>receipts.  

Not completely fungible.  There is also trust in the trustee as a
trustee, who could abscond with the whole sum suddenly.  

This point is extremely important.  The difference between "your
receipts" and someone else's means that you don't have a completely
fungible system.

>No reserve is necessary, because I don't make loans.

It appears that you have 100% reserves, from the phrase _pari pasu_.

Eric