Today I'm releasing this paper which discusses how a stable unit of account is created without the resources of the state (of elites) to back it. There are two ways, when there is sufficient willingness to share risk, mutual credit is the way, otherwise much more complex and costly infrastructure is needed.
Special thanks go to Will Ruddick, whose criticism helped transform the jumbled thoughts I needed to get off my chest into what I think is a clear, tight piece of writing. So without further ado...
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