justinian said:
Yes, money has been around a long time but not as we know it know today. Usually money was worth it's weight in gold or silver or whatever. A worthless piece of paper with a value on it is a relatively modern invention. The first use of fiat money I think was started with the Romans and that didn't last. It went back to the value of the metal of the coin in Europe. Paper money has only been use in the US for about 200 years or so and even at it's birth it was predicted to fail at some point as all fiat monies seem to eventually do. Ultimately countries will fall from their heady heights, economies will collapse and people will carry on dying. It's a fact of life. Not wanting it to happen isn't going to change the fact that these things do and will happen. |
Nah.
The chinese used Fiat money before.
Though, granted that ended in Hyperinfalation.
Fiat money isn't the problem... it works perfectly fine when regulated properly... and it's needed as most of the wealth in the world moves away from physical objects you can own... the more service based your economy gets, the more you need fiat money over a resource based economy.
The problem is people thinking they can print their way out of bad times with "Print away your problems" economics, like the Keynsian style of economics.
