> fiat money is granted value by the assent of all (backed by the monopoly on violence of the government) But most left economists do not think this. I think t

> fiat money is granted value by the assent of all (backed by the monopoly on violence of the government) But most left economists do not think this. I think the modern idea is that "fiat" currency has been implicitly backed by gold since 1971, whereas before the backing was explicitly. Otherwise, why does the Federal Reserve pay to store tons of gold? Why did Germany repatriate its gold in 2013? Gold makes a good currency, by there's nothing magical about it as some in the right sometimes think. Silver or another precious metal will do too. Or even slightly less currency friendly commodities.