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by Max
The parallel economy has sound money and encrypted communication but still lacks the credit layer needed to finance production across time.
Holding money does not defer gratification but consumes the opportunity cost of lending, making hoarding a present expense rather than proof of low time preference.
Money is neither vice nor virtue but the material expression of human judgment exercised through time. Only parasites hate it.
Four sources of economic progress form an interdependent system that emerges spontaneously from voluntary exchange when property rights remain completely intact.
Bills of exchange don't just provide elasticity within existing monetary systems; they can bootstrap entire economies that lack base money.
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