Mises Daily
Author:
Yuri Kuznetsov
Online Publish Date:
[From Review of Austrian Economics , 1997] 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 degeneration of commodity money substitutes. I would like to suggest an additional scenario by which fiat money can