42. The Fiat Standard, Chapters 4-7
The Bitcoin Standard Podcast
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The Cantillon Effect and Credit Money
The Cantillon effect benefits the people who get paper money first. It hasn't bit the prices up. And so they managed to get the most increase in purchasing power from the new money. But as the money begins to circulate more and more, prices begin to rise more and more. So the benefits that accrue to later receivers of the money are lower and lower.
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