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Fiat currency has a long history of failure, as seen with the Roman denarius and the Chinese fiat currencies, among countless others. The U.S. dollar is headed for the same failures. ... Fiat Currency: Using the Past to See into the Future...
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Fiat money - Wikipedia, the free encyclopedia
Fiat money is money declared by a government to be legal tender. The term derives from the Latin fiat, meaning "let it be done". Fiat money achieves value because a government demands it in payment...
en.wikipedia.org/wiki/Fiat_money |
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Mr. Greenspan once understood that a fiat money system represents nothing more than a sinister and evil form of hidden taxation. When the government can print money at will, it's morally identical to the counterfeiter who illegally prints currency.
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But, the era since 1971 is unique in history in that ALL major currencies are fiat currencies. This is truly the Age of the Fiat Currency – unprecedented in human history. ... In short, fiat currency is money that exists because an authority, government or custom simply declares or forces it to be as such.
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"We inflate our paper currency, we repair commerce ... The performance of fiat currencies in the past century has been dreadful. But what has changed? If anything, the monetary setting of today is much worse than that of the 20th century, for at least in the earlier part of that century there was still a gold standard.
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For a short while, during the American Revolution, politicians decreed that any who would not accept the fiat currency of the day (called continentals) as payment for goods and services be treated as enemies of the country and precluded from all trade or intercourse.
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fiat currency in the news ... Common type of currency issued by official order, and whose value is based on the issuing authority's guarantee to pay the stated (face) amount on demand, and not on any intrinsic worth or extrinsic backing.
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