A ruler is not necessary. What takes place is the greatest good/service provider chooses to accept a certain denomination.
This can include governments, but it isn't exclusive to governments, as popular merchants would choose to sell goods based on some monetary metric. ex. Pearls. Gold dust/nuggets. Salt. Etc.
The money form also had subjective value use, so that is why it arose naturally to begin with.
Never said a ruler was necessary. I'm saying that's the only way it has been done until now.
Again, money cannot be a real asset. There is no evidence of this happening in history. It has been be financial in nature--that is, by definition it creates an asset and a liability at the same. When a ruler demands a tax, it creates an objective value, which is it protects you from the ruler's tax-collecting thugs.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit