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No society can create wealth "de novo" for itself by simply issuing currency. Indeed, even a sack of gold coins does not constitute wealth unless there are things available for purchase that one needs or wants to purchase. Similarly, dollars are not wealth without things to buy and people willing to sell those things or to perform useful services in return for those dollars.

In the modern era, dollars and all other functional fiat currencies are just accounting entries that reflect the availability of things and services for purchase. New currency can be created, but unless it is in balance with the supply of goods and services, every new unit of currency diminishes the value of all other currency.

In the end, there is no escaping the need for work. Unless people are willing to work to produce and sell goods and services, a sack of gold coins or a stack of hundred dollar bills have no worth. This can be brought home to the slow learners by passing out wads of Monopoly money and telling them that they are now rich if they can find people willing to sell them anything in return for it.

"No society can create wealth "de novo" for itself by simply issuing currency."

That is correct and it's also pretty much Rand's point. Wealth can't be created "de novo" and money being a form of wealth also can't be created from nothing - but fiat currency can and is created "de novo." How many trillions of fiat dollars have been created in the last 4 months?

"Indeed, even a sack of gold coins does not constitute wealth unless there are things available for purchase that one needs or wants to purchase."

That's just a silly statement. There are always things that one wants to purchase. A pretty young lady's attention for one - which is one of the reasons why shiny gold has intrinsic value.

"In the modern era, dollars and all other functional fiat currencies are just accounting entries"

A fiat currency requires trust to maintain its value - gold and silver don't (as long as there are pretty young ladies.) Now that vote buying is approved of by the uneducated masses (as long as they get their bag of bucks) how long do you think our politicians will be able to control themselves?

"New currency can be created, but unless it is in balance with the supply of goods and services, every new unit of currency diminishes the value of all other currency."

"unless it is in balance" Apparently, after taking a look at the national debt, it's not in balance. But what are we going to do, accept this hidden theft or descend into chaos? Tough choice, but either way I'd like to have a bit of the shiny on hand to see me through.

"In the end, there is no escaping the need for work."

Most people have to work in order to be able to purchase goods and services, but not all people - some just create their dollars with a simple accounting entry.

"Unless people are willing to work to produce and sell goods and services, a sack of gold coins or a stack of hundred dollar bills have no worth."

When the shit hits the fan, as tends to happen with fiat currencies, that pretty young lady is still going to want that pretty gold necklace - your stack of hundred dollar bills... not so much.