Without established exchange-ratios between a currency and goods, a fiat-token cannot meaningfully serve as a unit of account because it has no referent. The only way a state could meaningfully ground such a fiat-token by political decree would be through comprehensive price controls.

Original article: https://mises.org/mises-wire/mmt-and-price-controls-never-happened

Flock is Down in Florida, Protests are Up in Spain, and Oil is Pumping in Venezuela

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