December 02, 2005
Intrinsically useless no more

To contrast it with commodity monies like silver and gold, monetary theorists often describe the fiat money we have today as “intrinsically useless”. Henceforth that’s no longer completely true: an Indian firm has just developed a process for recycling worn paper currency into plywood-like sheets of material that can be used to make furniture and doors.


Posted by Lawrence H. White at 06:33 PM in Economics  ·  TrackBack (0)

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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