The Picard Maneuver@lemmy.world to Curated Tumblr@sh.itjust.worksEnglish · 3 days agoHow to fix the economylemmy.worldimagemessage-square167fedilinkarrow-up1472
arrow-up1472imageHow to fix the economylemmy.worldThe Picard Maneuver@lemmy.world to Curated Tumblr@sh.itjust.worksEnglish · 3 days agomessage-square167fedilink
minus-squareAlexstarfire@lemmy.worldlinkfedilinkEnglisharrow-up2·2 days agoYes, but things like gold have actual uses which give them at least some actual value. Fiat currency is backed 100% by belief.
minus-squareearphone843@sh.itjust.workslinkfedilinkEnglisharrow-up5·2 days agoGold as a currency only has as much value as people assign to it. It’s really no different than a fiat currency.
minus-squarekonkilinkfedilinkEnglisharrow-up1·edit-22 days agoFiat currencies are actually backed by the tax liabilities denominated in them. If you are liable for one of my business cards, else a guy with a gun shows up at your door, you suddenly have demand for my business cards.
Yes, but things like gold have actual uses which give them at least some actual value. Fiat currency is backed 100% by belief.
Gold as a currency only has as much value as people assign to it. It’s really no different than a fiat currency.
Fiat currencies are actually backed by the tax liabilities denominated in them. If you are liable for one of my business cards, else a guy with a gun shows up at your door, you suddenly have demand for my business cards.