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by G3rn0ti
1264 days ago
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> Money largely gains its value from its ability to be used to pay taxes. Even for contemporary fiat currencies today this is neither historically nor theoretically true. Currencies gain their value largely from being convenient in settling trades and being a measure of value when calculating costs, risks and profits. Ultimately, it does not really matter what this money is based on e.g. gold, paper or digital information. For anybody interested in this perspective and in a more general criticism of fiat money I strongly recommend reading "Ethics of Money Production" by Jörg Guido Hülsmann. (1) (1) https://books.google.de/books/about/Ethics_of_Money_Producti... |
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