An Argument for Christian Libertarianism

On RRC

Why is Fiat Money Valuable

I have been developing a theory of money and banking for a while and I noticed that Scott Sumner did a post on why fiat money has value in which he listed five theories explaining this and mine wasn’t among them.  This made me think it might be kind of novel so I want to try to get it out there and see what people think about it.  First I will make a few points relating to Sumner’s post, then develop a model of banking under a specie standard that leads to an explanation of fiat money having value.