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There is as much money in circulation as is required to clear the promises between people that are worth doing.

At the summit of the tree the assets are just 'other assets'. An accounting fiction.

The state can purchase whatever is for sale in the token it controls. And it can make sure there are things available for sale by imposing a liability on you in that token you cannot avoid.

The value then depends upon how much stuff the state extracts for the public purpose in return for its token. And the belief in the coercive power that gives that process weight.

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