Comments by "Quizmaster China" (@QuizmasterLaw) on "When it REALLY Began - BankWars: Weimar Hyperinflation Episode 1" video.

fiat currency is money. Money is defined by state power as a medium of exchange. It might be a money you hate, but it is one because it is a medium of exchange defined as such by state power. You might want to read what Aristotle and Plato have to say about money...
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@TheImperatorKnight prior to the state they likely bartered. at this time specie's use value explains its rise as a medium of exchange.
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@TheImperatorKnight I can answer you. The rise of numisa is generally within recorded history; states issue official coinage for the convenience of trade. So they will define a certain weight usually by displacement of water, as having the value of "one ingot" or whatever the name of the currency. e.g. one pound is a pound of sterling silver. However the state immediately has the same incentive to fraud as private traders usually by adultering the metal in the coins. Coinage arose because it was more convenient than lumps of metal whic need weighed and also because the state promises the specie is of the declared weight and promises to punish counterfeiters and fraudsters (coin clippers e.g.) with penal sanctions, usually death. The rise of coinage is within recorded history, it's fairly well understood idk why you act like it's some mystery or other than empirically observable.
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silver was the principal money in feudal china until late modernity. in prefeudal china cowries were cash. really. gold never took off as a medium of exchange in china. idk why. this does illustrate the fact that even species' exchange value is socially determined, not natural.of course, specie has use value which is usually greater than that of paper currency.
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the hyperinflation was the result of Germany having to pay war reparations: this put so much pressure on the economy that they basically started printing lots of paper. the intention was to reduce the debt burden, a result of attempts to reduce the debt burden, the inflation was not the objective but a side effect.
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@TheImperatorKnight state power existed before history did and likely emerged as soon as tribal society emerged because groups of people prefer to structure their relations formally so as to best fulfill their lives. I know you believe in a laughable "state of nature" that we could or would want to exist without state power. In fact people want to live with state power to protect them from others and structure their potential conflicts.
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@TheImperatorKnight Romulus and Remus: pre-historic. Siege of Troy? Pre-historic. The 12 kings? Pre-historic. Lots of western "myths" i.e. oral history recount the existence and extent of state power prior to writing. Same is true but to a greater extent in China.
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@TheImperatorKnight I already explained: to prevent private frauds and ensure efficient trade, for the convenience of commerce and thus to the benefit of the kingdom. Thus coinage arose and it as one aspect of state power to wit: DEATH for counterfeiters and coin clippers.
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@TheImperatorKnight Prior to coinage metals might have been used as media for trade but 1. private people have every incentive to fraud 2. it's inconvenient to constantly have to weigh it all out. 3. and how to enforce against a fraud? So state power stepped in for really practical obvious reasons to establish an official weight, an official coin, and punish fraudsters and counterfeiters. Idk why this is so very difficult for you to accept, it's simply factual history as opposed to speculations of various sorts. You do understand just how old coinage really is, right?
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i think it's easier to define fiat currency negatively: that which is not specie in some form is fiat.
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money > notes > currency > coins (whether specie or fiat) this is simplistic but basically accurate so you can try to understand the varieties of moneys. strictly speaking debt instruments are not because they are not media of exchange. bills of exchange in contrast are money. so yeah, the distinctions get fine.
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@TheImperatorKnight " How would a king arbitrarily assign a price on every good in the economy when the goods have never had a price before?" that's not how coinage arose. kings emperors etc "merely" declared official weights, official coinage, and made frauds thereon punishable by death. Public law replaced private vengeance because it's more efficient.
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@IndSovU and yet all, or very nearly all, contemporary currencies are fiat. I guess the world is run by retards, huh!
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@TheImperatorKnight its like you imagine private power being somehow better more efficient or less horrible than state power, when in fact government by mafia is Even Worse (due to unpredcitable, dishonest, betrayal, ultraviolent, misplaced violence, fraud). But if you Want to live the thug life head on over to Cali i am sure the cartel would never kill you just to make you an example
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@TheImperatorKnight I already explained the advantage offered by government issued coins (which btw are the only ones historically) is 1) uniformity 2) convenience 3) punishment and prevention of varieties of frauds.
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capital is a good which is used to produce other goods. the reification of things via money is why money (in various forms) but also stocks and bonds are referred to as "capital".
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@TheImperatorKnight yeah that's your view, but you're wrong.
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@TheImperatorKnight contemporary corporations are private law bodies. crown corporations in the UK are in contrast instances of state power. All laws btw are emanations of state power so you could say literally any legal arrangement is "public".
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@TheImperatorKnight yeah, private law bodies cannot enact taxes or enforce criminal laws. Next example of legal ignorance please. Corporations today are not institutions of governance. If you wish to talk about the few governance corporations, say, municipal corporations or even, gasp, the already mentioned crown corporations I can make you look even more ignorant of basic propositions of law.
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@TheImperatorKnight what is an acto iure gestionis? and what is an acto iure imperii? You've probably never heard of them being, well, ignorant about law.
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@TheImperatorKnight again: I've been over this. You know fuck all about the law.
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really looking forward to this, 1 minute in and we're dancing around use value versus exchange value... i expect metallist naturalism, which is wrong. money is positive , not natural.
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your banknote has use value in art projects, as wall paper, in your toilet, and also for art projects. beyond that paper currency lacks any intrinsic value.
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around 26:00 TIK describes what he calls "the law of scarcity" when in fact he describes the law of diminishing returns.
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