In his book "The Ascent of Money," Niall Ferguson explores the concept of money, emphasizing that its value largely stems from belief and trust. He argues that for money to function, we must have confidence in the entities involved in its creation and exchange, whether they are individuals, institutions, or systems. This notion suggests that what constitutes money is not its physical form but rather the trust placed in it by society.

Ferguson highlights that money can exist in various formats, including metal, clay, paper, or digital displays, yet its essence remains unchanged. The idea that money is fundamentally about inscribed trust challenges traditional perspectives, revealing that faith in the institutions that back our currency is what truly sustains its value and usability in daily transactions.