4 ms·
All dollars are created out of nothing. That's what fiat is. Worthless bits of paper you have to acquire to not go to jail. It's the way societies have organ
by kaonashi 13y ago
All dollars are created out of nothing. That's what fiat is. Worthless bits of paper you have to acquire to not go to jail. It's the way societies have organized themselves since the advent of agriculture.
- jafaku 13y agoIs that right? I thought fiat was a lot more recent.
- kaonashi 13y agoFiat (credit) came first. As trust in central authorities broke down, barter & convertible currencies came into vogue. A good book on the subject: http://www.amazon.com/Debt-The-First-000-Years/dp/1612191290 http://www.amazon.com/Debt-The-First-000-Years/dp/1612191290