Overlapping in theme:

"No form of money has ever emerged purely through government fiat. Statist economists like to speak of the state's ability to decree what money is, but the existence of central bank reserves illustrates the limits of that view 🤡. No government can decree its own debt or its own paper as money without holding other assets it cannot print in reserve, using them to make a market in its paper and debt obligations." - Saifedean Ammous, The Fiat Standard