in today's column he writes: >> paper currencies have value because they’re backed by the power of the state, which defines them as legal tender and accepts them as payment for taxes. << in addition, it's agency (the central bank) usually works to keep paper (fiat) currencies scarce. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
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