Was going to try and do more work on my Rothbard rebuttal tonight, but have gotten sidetracked by several things. First this from Robin Smith.
Again note that The Money was not the piece of paper. The paper is merely a proxy for for that peculiar thing, The Money. Which is the faith I put in Al’s promise to pay upon redemption of the piece of paper.
When we take money for goods and services, we are really exchanging our labour for the ability to demand that another gives us something created by their labour later on. Accepting money is only half an exchange.
So many times I hear talk of money in terms that divorces it from it’s social foundation (and goldbugs tend to be the worst). I’ve been meaning to do an update to an earlier post I did on money, but thanks to Robin, I don’t think I have to. Cheers 🙂
(Also, check out the first comment on that LVT rebuttal, it has an interesting link to a somewhat novel take on a theory of property rights)