"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Fiat Money as an Administrative Good
"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 come about, a scenario which may be useful for understanding some events in recent Russian history."
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