Lawyers used sheepskin as anti-fraud device for hundreds of years

Re:Lawyers used sheepskin as anti-fraud device for hundreds ... by hristov on Thursday March 25, 2021 @12:24AM (#26576586)

My understanding is that these were used as what we currently refer to as treasuries. I.e., debt that the government owes to an investor. So, if you want to lend the government some money, you get half a piece of wood with some notches indicating how much you lent. Then when it is time to collect you go to the government show them your piece of wood and if it matches you get your money plus whatever interest.

So if they do not match the government simply does not give you your money.

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Re:Lawyers used sheepskin as anti-fraud device for hundreds ... by krisoft on Thursday March 25, 2021 @05:25AM (#26578007)

So it is in the best interest of the government to get a rasp and file some of of their side of the block. Nothing will match and thus they don’t have to pay.

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Re:Lawyers used sheepskin as anti-fraud device for hundreds ... by batpangolin on Thursday March 25, 2021 @08:54AM (#26579611)

If the government wants to default on its debts it can generally just do so. People lend money to the government because they choose to trust it for various reasons.

If the government decided to say tomorrow that $100 bills with serial numbers AB1234567000-AB12334567999 were counterfeit and should not be accepted, what do you think would stop them?

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Re:Lawyers used sheepskin as anti-fraud device for hundreds ... by thesuitonym on Thursday March 25, 2021 @09:56AM (#26580306)

Maybe in the short term, but long term it's best for a government to pay off its debts. Who would lend money to the government if it was well known that they will never pay back?

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