“[T]he question at once arises whether it would not be equally desirable to do away altogether with the monopoly of government supplying money and to allow private enterprise to supply the public with other media of exchange it may prefer”

F.A. Hayek

The sixteen square inches of inked fabric constituting a federal reserve note represents power, not value. It wasn’t always this way. Money proper, as evolved through the intertwining processes of exchange, holds value because of what it represents: all other goods. The Regression Theorem, developed by early 20th century economist Friedrich Wieser and his student Ludwig von Mises, demonstrates this process. Money, when examined historically, derives its value from comparisons to commodity goods. Money is intimately connected to barter. …

William Foxley

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