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Fiat currency has lead to the longest period of growth in human history. America was in a 50 year depression prior to the introduction of fiat because the gover
by colinmhayes 4y ago
Fiat currency has lead to the longest period of growth in human history. America was in a 50 year depression prior to the introduction of fiat because the government wasn't able to control deflation, which it turns out is about the worst thing that can happen to an economy.
- danielmarkbruce 4y agoI guess so - but is a fiat currency an outcome of the study of macroeconomics? I think they had fiat in china a thousand years ago. Maybe someone at that time and place was making up some theory which would reasonably be regarded "macroeconomics" ?