“Why should they also be accepted by private persons in private transactions in exchange for goods and services?
The short answer—and the right answer—is that private persons accept these pieces of paper because they are confident that others will. The pieces of green paper have value because everybody thinks they have value. Everybody thinks they have value because in everybody's experience they have had value…”

—  Milton Friedman

Source: Money Mischief (1992), Ch. 2 The Mystery of Money

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Milton Friedman158
American economist, statistician, and writer 1912–2006

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