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Fiat is not anything new.. neither is the concept of money. Earliest writings are for accounting and bookkeeping. People were representing commodities with toke
by vaidhy 4y ago
Fiat is not anything new.. neither is the concept of money. Earliest writings are for accounting and bookkeeping. People were representing commodities with tokens which can be exchanged. The idea that money was minted only from precious metals, notably gold and silver is false. Clay and bronze coins were common as IOUs.
- Quindecillion 4y ago>Fiat is not anything new You're right. Fiat has been tried many times before, and ultimately fails. I should've said it was relatively new in its current iteration. > neither is the concept of money. Earliest writings are for accounting and bookkeeping. I did say there was a ~5000 year history, alluding to the Sumerian clay tablets/ledgers, like the famous "Kushim" tablet. > The idea that money was minted only from precious metals, notably gold and silver is false. Correct, but that's not what I was saying. I was simply providing the most well-known examples of commodity money.