“In no period of human history has paper money spontaneously emerged on the free market… In all known historical cases, paper money has come into existence through government-sponsored breach of contract and other violations of private property rights. It has never been a creature of the free market.” — Jörg Guido Hülsmann, The Ethics of Money Production
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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
