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Yes but on the other hand: twenty billion united states fiat dollars worth of profit.
by GFK_of_xmaspast 11y ago
Yes but on the other hand: twenty billion united states fiat dollars worth of profit.
- minikites 11y agoWhat's a fiat dollar?
- logfromblammo 11y agoSomething that only has value because you can buy things with it. Contrast with gold-backed dollar or silver-backed dollar, which have value because they may be redeemed for a fixed quantity of a commodity good.
- herge 11y agoIt's money you can use to pay your taxes, and who's value doesn't crash every 3 weeks.
- GFK_of_xmaspast 11y agoA term used by the bitcoin and goldbug communities to mean "real money".
- xenadu02 11y agoMoney not subject to massive inflation and deflation as its value is not tied to the amount of gold coming out of the ground, but rather to the economy. Gold-backed current sucks. When new gold is discovered it's value swings wildly. When no gold is being discovered but the economy is going great there is a shortage of it so deflation sets in, causing loans to balloon in real terms.