"The mint melted and recoined all the coins of the realm, giving the subjects back the same number of “pounds” or “marks”, but of a lighter weight. The leftover ounces of gold or silver were pocketed by the King and used to pay his expenses.

https://video.nostr.build/580c327858d6ef798cd8186d425ba78dae2c77fcd09718d26c53f21257b5e506.mp4

Once a king has created more gold alloy coins that masquerade as pure gold coins, he is now able to exchange nothing for something irrespective of the rate of growth in the production of goods. Regardless of how many goods are being produced, the king is getting something for nothing, i.e., diverting resources to himself and paying nothing in return."

#fiatpoor

#bitcoin