Quotation of the Day…

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… is from page 181 of the late Richard Timberlake’s 1998 paper “Gold Standard Policy and Limited Government,” which is chapter 5 of Money and the Nation State (Kevin Dowd & Richard H. Timberlake, Jr., eds., 1998):

Commodity money evolved as naturally and as spontaneously as the wheel, the screw, the hydraulic press, the inclined plane, a national language, and common law. Its emergence was economic and natural, not political and contrived.