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- In practice this is argued to be because governments pay off debts by printing money, increasing the money supply and creating inflation, and is taken further by some as an argument against fiat money and in favor of hard money, especially the gold standard.
- With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money.
- The fiat money's lack of value earned it the derisive nickname "Mickey Mouse money".
- At the end of the Civil War, some economists, such as Henry Charles Carey, argued for building on the precedent of non-interest-based fiat money and making the greenback system permanent.
- These advocates of "soft money" were influenced by economist Edward Kellogg and Alexander Campbell, both of whom advocated for fiat money issued by a central bank.
- He opposed the use of metallic currency, such as gold or silver, and fiat money created by private commercial banks.
- coinage by 1965 and the dollar became a free-floating fiat money without a commodity backing defined in terms of real gold or silver.
- Although central banks today are generally associated with fiat money, the 19th and early 20th centuries central banks in most of Europe and Japan developed under the international gold standard.
- This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, in which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation.
- Most indigenous forms of money (wampum, shells, tally sticks and such) and the modern fiat money are only a "symbolic" storage of value and not a real storage of value like commodity money.
- Another approach for funding is to acknowledge that all modern economies use fiat money and thus taxation is not necessary for funding.
- Most forms of money can act as standards of deferred payment including commodity money, representative money and most commonly fiat money.
- The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow-Debreu model).
- In most cases, a central bank has the exclusive power to issue all forms of currency, including coins and banknotes (fiat money), and to restrain the circulation alternative currencies for its own area of circulation (a country or group of countries); it regulates the production of currency by banks (credit) through monetary policy.
- The Bretton Woods system broke down in 1971, causing most countries to switch to fiat money [...] money backed only by the laws of the country.
© dict.cc English-German dictionary 2023
Enthält Übersetzungen von der TU Chemnitz sowie aus Mr Honey's Business Dictionary (nur Englisch/Deutsch).
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