People haven't rejected the constraints of denominated money. Governments have. Governments have repeatedly destroyed commodity money because it prevents them from achieving an agenda that would require more money than they have. Historically these agendas have been wars. In modernity we have tacked on wealth redistribution and a social safety net. Without the constraints imposed on government by commodity money the government will continually grow without bound to the detriment of the prosperity of the people. After all, government creates nothing. More government spending means you and I work more hours to support the government, whatever the agenda, and less hours to enrich ourselves. I can decide better what to do with my money than any bureaucrat. If I believed they could do better I would donate willingly instead of at the point of a gun.
> Governments have repeatedly destroyed commodity money because it prevents them from achieving an agenda that would require more money than they have.
It is called a bigger economy. A bigger economy needs more money and the money has to be given to the new comers that created new wealth rather than to those who didn't.
That has not ever been the reason governments removed commodity money. The reason always boils down to, "I don't have enough money, I'll just change the rules to benefit me". Fiat money is and always has been fraudulent. Whether it is to pay for a war or a personal agenda with government power the reason doesn't matter. What matters is that the people in power change the rules to benefit them to the detriment of the populous. Commodity money puts the people and the government on equal footing. The greed of both is constrained by physical limits of commodity supply. With commodity money, to have more you need to earn more. With fiat money only the people have to play by that rule. The government is not such constrained. This leads to an ever increasing money supply to pay for government largesse that diminishes the value of the labor of the populous. With commodity money it would not be possible for government to overspend tax revenue for 9 decades. No private bank would continue to lend to such a prolific debtor.
