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Understanding How All Money
In The Economy Is An IOU


In the modern economy individuals and businesses pay for products and services using different forms of payments. These come in the form of a pay now or pay later method.

Traditional pay now methods include paper money of that particular government (example, US Dollar), debit card, check, alterative payment apps, or bank wire for larger purchases where the money is changed in real time from buyer to seller.

Traditional pay later methods include credit cards, installments such as car payments, mortgages, other loans, and lines of credits for personal and business use from different institutions.

Both methods are a form of an IOU (I Owe You) because products and services are being exchanged for a form of US Dollars. Does not matter the particular bill's ($1, $2, $5, $10, $50, or $100) or coin's (1, 5, 10, 25, or 50) stored value because the actual money being exchanged is an IOU to use anywhere else in the economy at a later time.

The US Government writes on all paper money "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE" which means the dollar is an IOU of the US government.

It is not the money itself that creates the value, because the value of the money is not backed by any collateral anymore. Before 1971, paper money was backed by Gold, so the government could only print based on their Gold reserves at Fort Knox (because paper money could be convertible into gold).  Nowadays, money is just paper, that when the government wants to print more and needs more money it can do that at any time. In essence the only reason that money is worth anything is because all the people in society accept it's stored value and carry it's worth in exchange for products and services.

The Fed (also known as Federal Reserve System) is the central bank of the US comprised of 12 different Federal Reserve Banks around the country, owned by big private banks and operates relatively independent of government. The US government when it needs more money in the economy it borrows money by issuing bonds and then orders the central bank to buy those bonds by printing money. This means that every dollar that the government prints it has to pay interest on that money.

The IOU Notes platform focuses on the pay later method. The term IOU (I Owe You) has a history dating to the 18th century. It is often viewed as an informal written agreement acknowledging debt. People have been providing credit, borrowing, and lending to each other since the beginning of time. While this concept is not new, IOU Notes created a platform (patent pending) where transactions can safety and easily take place, be tracked, etc. in one convenient platform. Every account created must be a real person or business entity and go through a verification process by uploading the proper form of identification. Profiles can be set to public where everyone can see or private mode so just the individuals and businesses that are working together can see.

An example of an IOU in someone's personal life is when a person  borrows money from family, friends, and others in an informal way and writes an IOU (I Owe You) note. It is with the intention to pay back but a lot of times either people start asking for the money back, or are too embarrassed to ask, or the person does not pay back and it creates tensions in the relationship. There are many situations where individuals need to borrow money to either pay for immediate expenses (food, rent/mortgage, child expenses, family expenses, etc.)

Current options to borrow are from banking and lending institutions who charge high interest rates. Some credit cards offer zero or low interest rates for a time period but then afterwards interest rates spike up as much as 29% APR (annual percentage rate) plus late and other fees. Then there are Payday loan companies that people use for short tem loans which can add up to over 400% APR or more when it is finally paid back. These credit cards and loan companies lure people into their trap knowing that there will be many people who fall into this interest trap. Once in debt it is hard to get out. IOU Notes platform interest rate is set by users (from no interest - 5% max).

An example of an IOU in the marketplace is as follows. Say ABC Construction Company places an order for lumber and other building materials and does not have enough in payment (credit card, cash, check) to pay for the entire order when it is delivered. Instead, company pays a down payment and issues an IOU (I Owe You) promising to pay for the rest of the materials within 30 days with or without interest. Assuming that supplier is ok with this and has an established business relationship with ABC Construction Company, an IOU will be accepted by both parties. Many businesses operate on Net 30 terms which is also a form of IOU's. They take possession of the product or utilize the service and have 30 days to pay off the invoice.  When an individual or business starts to try to work with other vendors, that vendor pulls their credit report to see their history and decides whether or not to extend credit. Pulling a credit report too often has a negative effect on that individual or business. This results in making sense only to ask new vendors for credit on larger types of purchases, and not small and mid size purchases.

In addition, many service businesses in the economy currently extend a form of IOU to their customers while not even realizing it. There are many types of businesses that operate this way of providing service a payment is deferred until service is completed. This happens that same day which might be 15 minutes, 30 minutes, 1 hour, or 2 hours, etc. later when customer leaves from place of business or service has been provided, depending on the service being provided. These businesses operate on extending short term IOU to their customers everyday and are not even aware that it is going on.

There are hundreds of service business types and the majority operate on some kind of IOU, where they provide service first and get paid after service is completed. A few examples of these types of businesses include sit down restaurants, bars, hair salons, dentists, auto mechanics/service shops, home repair services, etc. Most of these businesses provide service first to the customer and there is no credit check, identification provided, collateral provided, or many times not even the customer's basic information (name, address, phone number) is asked for before service is provided. It has become standard practice in the marketplace for most service businesses to just provide the service and the customer will pay immediately afterwards. The IOU Platform takes this already established practice and extends it for a longer timeframe/pay later option and also includes this model to product based businesses and individuals operating as sole proprietorships.

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