Benjamin Klein

Quotes From

“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.#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.#Quoted in Lawrence White, Free Banking in Britain (1995)