in sum
So, putting this together:
"what is money is that it's a way of keeping score."
" government can indeed just go and print all the money it wants to spend … And a truly scary thought it is that they are, too … Because there's just nothing to constrain those drunken sailors if they have bottomless wallets."
With fiat money we have to trust the government to be an honest scorer. In other words one of the ways in which a government must perform its essential function of providing a framework of law in which contracts can be enforced.
Biting the hand that feeds IT
