Difference between revisions of "Fiat currency"
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| − | '''Fiat''' (Latin: ''it shall be'') '''currency''' is a form of [[money]] which is valuable only because it has been declared as such by a governing body. It is not backed by anything such as a [[gold standard]], but is required for settling taxes or other governmental debts. It cannot be directly exchanged for precious metals or gems, although if the money is well enough respected, it can usually be used to purchase such goods.<ref>http://www.halexandria.org/dward297.htm</ref> It is a currency which is issued at will (usually by a government) without [[precious metal]]s or any other real property backing its value. | + | '''Fiat''' (Latin: ''it shall be'') '''currency''' is a form of [[money]] which is valuable only because it has been declared as such by a governing body. It is not backed by anything such as a [[gold standard]], but is required for settling taxes or other governmental debts. It cannot be directly exchanged for precious metals or gems, although if the money is well enough respected, it can usually be used to purchase such goods.<ref>http://www.halexandria.org/dward297.htm</ref> It is a currency which is issued at will (usually by a government) without [[precious metal]]s or any other real property backing its value. |
Most currencies in use today are fiat, including the [[Euro]] and the [[Dollar]], although the latter was originally based on precious [[metal]]s. Fiat money's value is dependent on [[scarcity]]; [[inflation]] occurs when excessive fiat money is produced. | Most currencies in use today are fiat, including the [[Euro]] and the [[Dollar]], although the latter was originally based on precious [[metal]]s. Fiat money's value is dependent on [[scarcity]]; [[inflation]] occurs when excessive fiat money is produced. | ||
Revision as of 03:25, March 28, 2017
Fiat (Latin: it shall be) currency is a form of money which is valuable only because it has been declared as such by a governing body. It is not backed by anything such as a gold standard, but is required for settling taxes or other governmental debts. It cannot be directly exchanged for precious metals or gems, although if the money is well enough respected, it can usually be used to purchase such goods.[1] It is a currency which is issued at will (usually by a government) without precious metals or any other real property backing its value.
Most currencies in use today are fiat, including the Euro and the Dollar, although the latter was originally based on precious metals. Fiat money's value is dependent on scarcity; inflation occurs when excessive fiat money is produced.
Quotes
- "The one aim of these Banksters is world control by the creation of inextinguishable debt." - Henry Ford
- "Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants and debt is the money of slaves."—Traditional
- "Of all the problems with fiat currency, the most basic is that it empowers the dark side of human nature. We’re potentially good but infinitely corruptible, and giving an unlimited monetary printing press to a government or group of banks is guaranteed to produce a dystopia of ever-greater debt and more centralized control, until the only remaining choice is between deflationary collapse or runaway inflation. The people in charge at that point are in a box with no painless exit." -John Rubino[2]
References
- ↑ http://www.halexandria.org/dward297.htm
- ↑ "World in a Box" by John Rubino, http://www.24hgold.com/english/news-gold-silver-world-in-a-box.aspx?article=6093328534H11690&redirect=false&contributor=John+Rubino Published December 8, 2014, Accessed December 27, 2014
External links
