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Brad Delong on Ludwig von Mises's (and Ron Paul's) stupidity on "fiat currency": http://delong.typepad.com/sdj/2011/11/fictitious-wealth-and-ludwig-von-mises.html
Oct 13 2017 01:58 PM
  • Raklian's Photo
    Right, it has intrinsic value as long as we are using it, and we are.
    Oct 13 2017 02:06 PM
  • starspawn0's Photo
    A TL;DR: "The use value of money is that it allows you to time your other transactions so that you can realize the full exchange value of what you sell, rather than having to sell it at a discount."
    Oct 13 2017 02:31 PM
  • Raklian's Photo
    Hence inflation and deflation. It's funny how if money doesn't really have "value," these things can't ever happen. A static paper supply (aka money) in circulation will make it so it falls apart since it's so brittle and inelastic, unresponsive to dynamic forces influenced by humans and the changing external environment.
    Oct 13 2017 02:43 PM