"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
All Money Is -Not- Fiat Money
Submitted by Bradley Keyes on Fri, 2013-01-18 01:00
"Let’s define fiat, properly, first. “Fiat,” when referring to money, means, “value by decree.” It means a money has value because a government has declared it to have value, it derives value as “legal tender.” Not having backing does not elicit the title of fiat; fiat requires government decree."
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