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Yes, an IOU.

and we have to pay interest on that debt to the federal reserve, although we didnt individually incur the debt? how s that for a scam.

How stupid are we as a society to accept debt for money that we pay to receive. It is so hard for me to write a sentence that makes sense on the subject. We receive debt that we don't want and pay interest on that debt that we never agreed too, so we can buy things. SMH.

No kidding.