Legal tender also allows monetary policy. From the issuer`s perspective, legal tender allows the issuer to manipulate, devalue and devalue the currency to obtain seigniorage and facilitates the issuance of escrow media by the banking system to meet trading needs. In the absence of legal tender laws, Gresham`s law would make monetary policy, seigniorage, currency manipulation, and fiat media spending much more difficult, as good money in this case tends to drive out bad money. Like Strong, Gray relied on necessity as an argument to justify the validity of legal tender. After the excuse of war disappeared, Gray suggested that legislation was essential because of “the insufficient supply of gold and silver coins to provide the currency necessary for the use of the government and the people.”  Gray, like many others, believed that a growing money supply was a prerequisite for a strong economy. In his testimony, Gray missed the basic economic principle that inflation only dilutes the value of each monetary unit. The ultimate result of inflation is stagnation, not economic growth. If Gray had acknowledged this fact, he would not have found the law necessary. In the United States, the recognized legal tender consists of Federal Reserve notes and coins. Creditors are required to accept it as an offer of payment to settle a debt; However, unless prohibited by state law, private companies may refuse to accept some or all forms of cash offers unless a transaction has already taken place and the customer has not been at fault. A few years later, I heard The Pretender playing live in a pub on the Queenscliff coast. The late 1970s. I was there with a group of friends from my old school, the one I had left in a hurry.
Just another Saturday night, like everyone else. No one, including me, paid much attention to the country-rock band playing in the backroom. I don`t remember the name of the band, but I remember they played The Pretender and another Saturday night now had a meaning, a little heart. However, there are some exceptions. In 2018, in the face of devastating hyperinflation, Venezuelan President Nicolas Madura ordered all federal institutions to accept a new electronic currency, the Petro, as legal tender. The Venezuelan Petro is centrally controlled by the Venezuelan government based on its own assessment of the value of its natural resources. It has been claimed that the Petro is backed by Venezuela`s natural gas, mineral and oil reserves. However, Venezuela`s experience with the Petro has not progressed much, and the Petro, despite its status as legal tender, does not generally circulate in the form of currency.
In fact, the contenders in 2018 are anyone who projects on Instagram, Twitter or Facebook a life that is anything but their imperfect and authentic self. Despite evidence that the law was not necessary, many political leaders, who saw it as a desirable alternative to an unpopular tax increase, considered the measure justified in this state of war. Because the law was considered part of Congress` war powers, few questioned the constitutionality of legal tender. This issue was only raised after the war, when controversies over legal tender laws reached courts across the country. The views that emerge from the decisions on greenbacks, both for and against their tender status, show that the concept of legal tender is contrary to the spirit of the United States Constitution. It was only while writing this essay that I really noticed the similarities between these works, and I wonder where our essay “Pretender” or Rashomon or even Nietzsche for the 21st century stands. Of course, we don`t lack cynical views about our consummated, image-driven culture, but what they all lack and what “The Pretender” lacks is self-reflection. While Browne`s words doom her world, they are equally critical of themselves. He had what I call the “Jimmy Buffet directing”: “That`s my fucking fault.” ” The Pretender ” is the title track on Browne`s fourth album. Bill had probably played the first three albums in the background.
But The Pretender album was new. New. And the title track, which wraps up the album perfectly, immediately resonated, even though I was too young to rent a house in the shadow of the highway, too young to be caught between the desire for love/and the struggle for legal tender, too young to know that ships with dreams would sail out of sight, maybe even too young to be a happy idiot.