3min chapter

The "What is Money?" Show cover image

"Money: Free and Unfree" with George Selgin (WiM209)

The "What is Money?" Show

CHAPTER

Is There an Educational Component?

It's a psychological operation, getting people onto a fiot standard. Once you've got everybody holding substitutes for gold, whether it's the fiot money or bank money, thate is convertible into gold, then you can deprive them of the right to have the gold. If does this doesn't necessarily mean there won't be an adverse reaction, or that the value of the dollar won't change because of the changed status. But if it's already in widespread use, people cannot, you know, aflip a switch andey use something else. There'sThis powerful network efect that allows the thing to keep going. It's kind of yet, sort of high jack the network

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