What alternatives are there to the present situation, of a Federal Reserve monopoly floating fiat currency?
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Alas, fiat currency has everything to do with power and nothing to do with sound economics.
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Holes in our national accounts are not to be caulked over by fiat currency and deficit spending.
Nobody who invests money in U.S. Treasury securities is worried about fiat currency devaluation or authoritarian confiscation.
At that task it has never failed, unlike every fiat currency in history.
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The fact is that the dollar, unlike the gold and silver of old, is a depreciating resource, a fiat currency.
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If banking bureaucrats cannot manage a single fiat currency, what on earth makes anyone think they can manage two linked together?
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If for arguments sake we pretend that inflation rejuvenates a struggling economy, then even inflationists could only advocate fiat currency during recessions.
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Fiat currency has opened the door to any manner of mischief.
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Unlike a fiat currency where it can be produced out of thin air, gold takes 1 ton of rock for each ounce and is becoming harder to find.
Federal Reserve notes are fiat currency, Grant keeps reminding us.
Therefore, it is hard to image that the evolutionary end state Mundell envisions is meant to be a single international fiat currency managed through the discretion of central bank technocrats.
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Because imports only represented about 4% of GDP at the time the shift to a pure fiat currency and the competitive devaluations that followed had little immediate impact on most Americans.
So if the best rationale for fiat currency is the flexibility it affords government in times of peril, then their prescription should be that we should only unhinge the dollar from gold in rough waters.
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Gold makes no false promises to cure unemployment, direct credit to the unworthy, juice a slack economy, boost exports, deliver stealth tax hikes, erode unfunded liabilities, or all the other things that fiat currency advocates promise.
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Absolutely no more fiat currency.
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You had strong dollar policy, some of the most heroic of the entire fiat-currency era.
The important thing is that people learn the meme that there is such a thing as a non-fiat based currency that has real value and works for them.
Under a Dollar Bill system, the monetary base consists of fiat dollars (both currency and bank reserves) created by the Federal Reserve.
Under a Bretton Woods system, the monetary base consists of fiat dollars (both currency and bank reserves) created by the Federal Reserve.
And Bitcoin is not a currency like fiat money.
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However, that objective (price stability) is more credibly attainable under a convertible currency than a pure fiat money.
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Anyone who has visited a weekend flea market has noticed the old coin and currency collector displays filled with past experiments in national fiat money.
Fiat means by decree, and under the gold standard, a given currency is forced on the population by law, regardless of what anyone desires, needs, or judges to be best.
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