Yuri Kuznetsov

Imagine a community with a barter economy where a group of men are permitted to impose a great deal of violence on their fellow citizens. Let’s call this group the state. The state prints paper tickets denominated in numbers and passes them out to the population.

Hans-Hermann Hoppe, in his excellent article “How Is Fiat Money Possible? — or, The Devolution of Money and Credit, explained that fiat money can come into existence through the progressive...