- 27 Ottobre 2018
- by Blogger
The free market created money. Civil government spotted an opportunity and took it. The State granted itself a monopoly over money. It did so in the name of law: the defense of society from unscrupulous cheats and counterfeiters. From the day King Croesus (rhymes with “greases”) asserted authority over the new invention of the round metallic device that we call the coin, the State has muscled into monetary affairs. For 2,600 years, the public has accepted this arrangement. It worked for 1,100 years in Byzantium: 325 to 1453. It has not worked anywhere else for longer than a century or two.