Two Faces of Debt

The following words are attributed to a publication of the Federal Reserve Bank of Chicago entitled 'Two Faces of Debt':

"In addition to issuing securities, the federal government, through the Federal Reserve System, issues non interest-bearing debt -- currency or paper money. Currency is so widely accepted as a medium of exchange that most people do not think of it as a debt. Technically, however, Federal Reserve notes* are liabilities."

This has been brought to my attention by Douglas Gnazzo.

* Federal Reserve notes are the technically correct term for what are more commonly known as US dollars.