[M-cubed]

I assume the money in this quote is “Fiat” money..

[Etoo]

>>I assume the money in this quote is “Fiat” money..

The quoted section is fairly early in Quigley’s 1300+ page book. At that point, he is addressing the concept of money generally. Appears to me that beads, gold, whatever, could all be substituted for “money” in this context; in that they are all a form of symbolic wealth and not consumable goods.