Many hold that by floating the dollar, Nixon converted the U.S. currency into pure “fiat money”—mere pieces of paper, intrinsically worthless, that were treated as money only because the United States government insisted that they should be.

Consensus isn't just about agreement. It's about changing things around: You get a proposal, you work something out, people foresee problems, you do creative synthesis. At the end of it, you come up with something that everyone thinks is okay. Most people like it, and nobody hates it.

Money has always been a particular problem for revolutionaries and anti-capitalists. What will money look like 'after the revolution'? How will it function? Will it exist at all? It's hard to answer the question if you don't know what money actually is. Proposing to eliminate it entirely seems utopian and naive.

If you have the power to hit people over the head whenever you want, you don’t have to trouble yourself too much figuring out what they think is going on, and therefore, generally speaking, you don’t. Hence the sure-fire way to simplify social arrangements, to ignore the incredibly complex play of perspectives, passions, insights, desires, and mutual understandings that human life is really made of, is to make a rule and threaten to attack anyone who breaks it. This is why violence has always been the favored recourse of the stupid: it is the one form of stupidity to which it is almost impossible to come up with an intelligent response. It is also of course the basis of the state.

It affects every aspect of our lives, is often said to be the root of all evil, and the analysis of the world that it makes possible - what we call 'the economy' - is so important to us that economists have become the high priests of our society. Yet, oddly, there is absolutely no consensus among economists about what money really is.

Apple Computers is a famous example: it was founded by (mostly Republi­can) computer engineers who broke from IBM in Silicon Valley in the 198os, forming little democratic circles of twenty to forty people with their laptops in each other's garages.