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Fiat money does not promise resources on demand, or that they'll be cheap.

It does promise that it will always be possible to mobilize existing idle resources, and that it will be impossible for people to issue mnetary claims in excess of available money.

That's more than any commodity money can deliver.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sun Jun 22nd, 2014 at 02:16:36 PM EST
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