September 4, 2023

Political interventions that force people to use fiat money, created out of nothing, violate property rights and distort the entire economic landscape. Paper money was a menace during colonial and post-revolution America, leading to the constitutional prohibition against emitting bills of credit or making anything but gold or silver tender for the payment of debts. Fiat money creates financial chaos, erodes the moral fabric of society, imparts the boom-bust business cycle, and aggravates social tensions due to unnatural inequality and unfairness.

The solution to this monetary socialism is detailed in my book, Money, Militia, and the Market.