17 Dec
2003
17 Dec
'03
11:17 p.m.
Most major economies are using fiat money today, so it is clear that fiat money will work. But you could not create a new economy with fiat money.
How would fiat money work without somebody enforcing a fiat? I can't see many of this crowd of anarchists and fellow-travelers being willing to do that.
The money has to start out having real-world value and convertibility. After it has been in circulation for a while, it can be "decoupled" from outside standards.
I think a "decoupled" currency would go the way of the Thorne, sooner rather than later. Eli ebrandt@hmc.edu