That was long 
Money must be produced with similar value of its face value, otherwise it is just a IOU promise. However, since value is all subjective, the subjective measure of an IOU's value thus is based on the creditworthiness of the issuer
Money must be produced with similar value of its face value, otherwise it is just a IOU promise. However, since value is all subjective, the subjective measure of an IOU's value thus is based on the creditworthiness of the issuer
There's no need for an issuer. China did fine between 1550 and 1850 with ingots of silver. In fact, the more money is free of issuer, the better. If there is to be an issuer, let the markets judge their creditworthiness, free of state intervention.
Money's intrinsic value rarely, if ever, comes close to its monetary value (and this includes gold and silver.) And this has worked fine for millennia.