RichardKennaway comments on Truth and the Liar Paradox - Less Wrong
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The part that says "you should give me all your money". This is a clearly meaningful, contentful sentence. (Unfortunately for me, a false one.) Embedded in the reflexive sentence, it gives a reflexive sentence containing content. However, such sentences render the system inconsistent, so excluding empty circularities like "this sentence is false" is insufficient to resolve the problem of deciding what circularities can be admitted.