Venkatesh Rao@vgr·Sep 8, 2017This is almost literally true. Earliest use case of sovereign money was to pay salaries of standing armies.Quote TweetVenkatesh Rao@vgr·Sep 8, 2017Fiat money is the state's monopoly on violence by other means. Coin of realm == guncoin of realm.3822
Venkatesh Rao@vgrReplying to @doriantaylorI've seen it in a few histories. I don't think it's a contentious point.9:05 PM · Sep 8, 2017
dorian@doriantaylor·Sep 8, 2017Replying to @vgrI liked @davidgraeber's observation that the economic folklore of truck and barter to coinage to virtual currency is backwards