Oddbean new post about login | logout Fascinating! I wonder what he meant by > before backing the currency with fiat money can begin.
Before it has any value, before people hold it in favor of fiat. We really do care about terminology now, and it's not precisely "backing," but that's how I've read it.
Now that he's gone (is he???) we can just interpret the scripture to suit whatever conclusion we want to draw from it.