Then you don't use any Bitcoin exchanges, since they also just give you IOUs?
You are correct, they also give you IOUs (see mtgox debacle for the risks). But to minimize the risk, you can immediately withdraw the asset to your wallet after trading.
There is no IOU-less interface between Crypto and Fiat currencies though... so instead of creating the IOUs on a server of MtGox, why are you against creating them on a public blockchain? Wouldn't that at least be a step forward in the right direction?
ripple threads should be banned in this forum actually, ripple is not an altcoin, its the banksters breaking rules, and abusing their trust and power
regards
Don't you have a mining farm to build or something?