"Fiat currency"
Started by
seany
, May 17 2012 01:25 AM
50 replies to this topic
#3
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- VibeTribe
- 16,788 posts
Posted 17 May 2012 - 01:30 AM
Fiat money is money that derives its value from government regulation or law: the initial value of fiat money is established by government decree. The term fiat currency is also used when the fiat money is used as the main currency of the country. The term derives from the Latin fiat, meaning "let it be done" or "it shall be".
Fiat money originated in 11th century China,[1] and its use became widespread during the Yuan and Ming dynasties.[2] The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then all reserve currencies have been fiat currencies, including the US dollar and the euro
Euro's lookin' tough.
#5
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- VibeTribe
- 12,927 posts
Posted 17 May 2012 - 01:40 AM
I seldom think about this stuff anymore...bums me out, and it's not going to change until there's some serious shift in things, but the classic threefold purpose of money is something that is a medium of exchange, a unit of account, and a store of value.
Fiat currencies tend to fall flat on that last, pretty important one.
Fiat currencies tend to fall flat on that last, pretty important one.
#6
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- VibeTribe
- 7,581 posts
Posted 17 May 2012 - 01:44 AM
Geebus, Tim! Stay on topic - do you think this is TASB's safe phrase in the bedroom? I know what the definition of fiat currency is - I'm not interested in that. I'm looking for the reason that TASB needs to say that phrase over and over in so many threads 
#11
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- VibeTribe
- 10,583 posts
Posted 17 May 2012 - 04:06 AM
Governments are the largest owners of Gold Reserves in the world. Isn't safe to say that they can and probably already do manipulate it's value? I know it's more stable than 'fiat currency' as gold is gold no matter where you are while currencies differ. I just don't see how re-establishing the "gold standard" is going vastly change the game. There will still be other currencies traded for certain. Governments will still print money.
#18
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- VibeTribe
- 7,581 posts
Posted 17 May 2012 - 12:29 PM
The ironing of this advertisement is absolutely delicious for this thread. Anyone, besides Tim (who probably sees it) want to take a stab at why?
That the fed has basically set our borrowing rate at 0% with our fake FFFFFIIIIIIIIIAAAAAAAAAAAAAAAAAAAAAAATTT Currency??? So it's so good of a deal, why wouldn't we borrow more? Yes?
#19
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- VibeTribe
- 12,927 posts
Posted 17 May 2012 - 12:30 PM
Know what I like about you? Your persistence!
Think of what I could accomplish if I turned that to, say, working for world peace or somethin'?
Since I've chosen to work on getting you and K out to Greenfield next weekend instead of ensuring the healing of the nations, you really should come out to Greenfield next weekend. It's the least you could do.
#26
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- VibeTribe
- 12,946 posts
Posted 17 May 2012 - 12:57 PM
Think of what I could accomplish if I turned that to, say, working for world peace or somethin'? Since I've chosen to work on getting you and K out to Greenfield next weekend instead of ensuring the healing of the nations, you really should come out to Greenfield next weekend. It's the least you could do.
He's got a good point here.
#28
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- VibeGuide
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- 15,977 posts
VibeGuide
Posted 17 May 2012 - 02:34 PM
Think of what I could accomplish if I turned that to, say, working for world peace or somethin'? Since I've chosen to work on getting you and K out to Greenfield next weekend instead of ensuring the healing of the nations, you really should come out to Greenfield next weekend. It's the least you could do.
Yes, please help me to help Mr. Beek. As you are no doubt aware interventions are most effective when all loved ones are present.
