It says on your currency “This note is legal tender for all debts public and private”. Discuss one place in your daily economic life that currency is not usable for debts. Also, distinguish between “government created money” and “market created money”. [The correct answer to the first part is NOT metaphysical or metaphorical, such as paying your debt to society, or getting benefits from a god, or being not able to repay parents for your life.]
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January 1st, 2010 at 9:49 am
It is perfectly legal for private establishments to refuse payment in cash and insist on payment in other forms. It is also legal for some government entities to do so.
http://en.wikipedia.org/wiki/Legal_tender
One classic example is subway machines that take only tokens or special cards. Another is vending machines - they don’t have to accept your $10 bill.