Those of us who are enamored with the concept of progress might find it hard to swallow the fact that the world of sound money pre‐1914 was the world of zero to one, whereas the post‐1914 world of government‐produced money is the world of moving from one to many. There is nothing wrong with the move from one to many, but it certainly gives us plenty of food for thought to consider why we do not have many more zero‐to‐one transformations under our modern monetary system.
