Formulated by Sir Thomas Gresham, an English financier who lived from 1519 to 1579, it states that bad money, counterfeit or debased, drives good money out of circulation. That is because the recipients of good coins hoard them and circulate the coins of lesser worth.
In today’s environment, there is a need for a comparable law describing how political truth and good sense are driven off the airwaves and out of circulation by lies and nonsense. Call it Walt’s law unless someone else can prove a prior claim.
Please see Mark Twain
- Legal tender laws (abolishthebank.wordpress.com)