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Neither is a promissory note a IOU, because a promissory note is often in most cases a unilateral promise, which is the “offer” (not owing) of a promise (money) to a true creditor who gives up property, or vice versa when the true creditor offers something in exchange for a promise (money) , & if the true creditor accepts that promise in the offer its paid then & there in full on the transaction (true debt). Think of this when you are simply purchasing an item in a shop.

However in case of an obligor (maker, creator & issuer of a promise / promissory note/ money) there may be an obligation by the obligor to do something else arising from their issuance of a promissory note in what is a “promissory obligation”before any book entry or deposit. Such as not only paying the true creditor in full thereafter from the outset, but giving up a like equal measure of the obligor’s own future production in return for anothers (true creditor) production to rightly retire that promise (money). As a matter of money (promise) becoming defunct in fulfilling the obligation, meaning the promise (money) no longer represents value, nor any remaining debt or consumption in fulfillment of an obligation.

The very concept of an IOU is therefore a rational impossibility if there is no loan, much less is there any loan from a bank, & we are instead GIVING up our production to each other, expecting no more than what we give up in return, which may include “earned profit ” by the way , ” cost plus labour “, hence we giving up our ” labour & production ” to each other, where there otherwise are no loans or borrowing.  So if it has not dawned on the reader already ” earned profit ” is what the proprietor takes above the principal & interest (unearned profit) in the resulting price of goods & services which is instead paid to a thieving bank who purports to loan us the sum of principal in the first place.

The illusion of a loan is of course born out of minds of men & women blinded by greed & desire. The very idea of purportedly borrowing more to merely service the former sum of falsified debt only to increase every new sum of falsified debt amounts to a heroin addict trying to kick the habit by upping their dose on every hit.

” Insanity: doing the same thing over and over again and expecting different results.”
~Albert Einstein

David Ardron.
Advocate / mentor, Co-founder, Co-director – Mathematically Perfected Economy™ (au)