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I don’t talk about my own personal battle with consumer debt and how much I struggled to get out of it, because come on, I am Mr. I was cleaning and ironing my five dollar bills and storing them meticulously in a photo album at age ten*, I was never going to go out and spend so much on my credit card that I couldn’t pay it back at the end of the month!This unique history and perspective allows me to see some things that are not immediately obvious to people who have been raised in the current consumer/debt society.
After the loan, that left pretty much nothing, but I assumed that my friend would have the balance paid back within just a few paychecks.
I was therefore surprised when the friend proceeded to live a normal university life of partying and eating out, even during the delayed repayment process.
But George Selgin (1989) was right to warn us that “it would be a mistake to think of the real-bills doctrine as a ‘dead horse’” because “dead horses of economic theory have a habit of suddenly springing back to life again.” In recent years no less prominent an economist than Thomas Sargent (2011) has declared that in the debate over alternative monetary regimes, “The real bills doctrine is alive and well today.” Most recently the leading young Spanish economist Juan Ramón Rallo of the OMMA business school and the Juan de Mariana Institute in Madrid has defended propositions that he identifies with the real-bills doctrine.
Rallo draws on the writings of Antal Fekete, who has been advancing what he calls “Adam Smith’s real bills doctrine” for more than 20 years.
Thus real bills are short-term commercial IOUs that finance goods through stages of production.