“Modern money is backed by a series of institutions, mostly housed in central banks. Its value rests on confidence. The value of money requires not just the belief of the public at a point in time but, critically, the consent of the public at all times … When it comes to money, the consent and trust of the public must be nurtured and continually maintained.”
Mark Carney, former governor of the Bank of England
and the Bank of Canada.1
Modern money is changing. It is expanding from fungible
