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Law school is a lot like juggling. With chainsaws. While on a unicycle.
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Legal Definitions - paper standard
The end of law is not to abolish or restrain, but to preserve and enlarge freedom.
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Definition of paper standard
Definition: A monetary system that is based entirely on paper currency and is not convertible into gold or other precious metals. This is in contrast to the gold standard.
Example: In the United States, the paper standard was adopted in 1971 when President Nixon ended the convertibility of the US dollar into gold.
Explanation: This means that the value of the US dollar is not backed by gold or any other precious metal, but rather by the faith and credit of the government. This can lead to inflation and other economic issues if not managed properly.
A lawyer is a person who writes a 10,000-word document and calls it a 'brief'.
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Simple Definition
A paper standard is a type of monetary system where the currency is not backed by gold or other precious metals. It is based entirely on paper. This is different from the gold standard, where currency is convertible into gold.
The young man knows the rules, but the old man knows the exceptions.
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