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Benjamin Klein
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“The Competitive Supply of Money”
(1974)
If confidence for fiduciary [fiat] money costs as much to produce as the commodity, the social savings [from replacing commodity-money backed liabilities with fiat money] would be zero.
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Quoted in George Selgin,
The Theory of Free Banking
(1988)
“Money, Wealth, and Seignorage”
(1978)
The major way in which monetary confidence is produced is successful past performance.
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Quoted in Lawrence White,
Free Banking in Britain
(1995)
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