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Like every currency ever in the history of mankind, gold-backed or not.
by potatototoo99 4y ago
Like every currency ever in the history of mankind, gold-backed or not.
- brandoncarl 4y agoImportant to note that a currency peg is different than a currency. The latter free floats, the former does not.
- elchupanebre 4y agoNot true. Fiat currencies are backed by the consumer of last resort: governments. Everyone has to pay taxes using the official currency of the country. For instance, US$ is backed by approximately 25% of the GDP which the government collects every year in taxes.