Trouble emerges once banks start to engage in lending unbacked by real savings, this gives rise to the expansion of credit out of “thin air.” This in turn sets in motion the menace of the boom-bust cycle.
China was one of the first countries to develop a metallic money that was valued and exchanged by weight. Evidence suggests that this monetary regime originated during the Shang Dynasty (1766–1122 BC).
Here's a likely reason the Fed has chosen to hide its data on government deposits: the explosion of Treasury deposits at the fed “fuels … suggestions that the Fed is directly financing the government [and] foster[s] uncertainty about central bank independence.”
Rothbard recognized that money and exchange could not develop without first establishing private property. So Rothbard also recognized that it was important to develope theories of how private property might come about.
As the money supply has skyrocketed, money has flooded into stocks, bonds, single-family housing, and crypto. But this doesn't translate into general prosperity for the countless unemployed and underemployed who face rising prices.