3 ms·
> Mandating this kind of system The US mandated the acceptance of fiat money. That too was controversial at first.
by intrasight 3y ago
> Mandating this kind of system
The US mandated the acceptance of fiat money. That too was controversial at first.
- eesmith 3y agoYes, fiat money was controversial at first, with political and legal peril when the US started printing greenbacks during the Civil War. https://en.wikipedia.org/wiki/United_States_Note#Politics_and_controversy https://en.wikipedia.org/wiki/United_States_Note#Politics_an... But after the US switched back to specie (thanks to the large silver strikes and government policy which meant silver coins were priced by government fiat, not commodity value) it took nearly a century before the US fully embraced fiat money. It likely helped that the legal issues related to fiat money were resolved in the 1870s, https://en.wikipedia.org/wiki/Legal_Tender_Cases https://en.wikipedia.org/wiki/Legal_Tender_Cases . I suspect bri3d was thinking of a timescale in the decade or two range, not 100 years. The Real ID Act of 2005 still isn't in fully in force, having been extended most recently to May 7, 2025. That should give an idea the likely timescale involved.