A most interesting article, giving me lots to chew over.
I hadn't heard of the Real Bills theory of money before, and Prof. Fekete seems to make a most convincing argument for it. Sadly, I had found the Quantity Theory of money entirely sufficient for my own musings, and even though I'm now assured of the rightness of the Real Bills theory, I'm not exactly sure where the Quantity Theory goes wrong [ :-) ]. It looks like there's going to be a need to read and re-read on my part.
Being a cautious chap, I immediately looked up both Antal Fekete and the Real Bills theory of money on Wikipedia, only to find an enormous number of other articles that I will now have to read as well: how annoying (but, actually, pleasing).
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