History Of Fiat

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4 years ago

History Of Fiat

Fiat currency is basically any currency that governments declares to be a legal tender. Legal tender is the full backing of a government to use. In periods of past, most fiat systems that were created always failed in cases of the being devalued. With a paper money system, at first is good in the economy, but when too much is printed out, inflation is created and value decreases. Eventually, it devalues enough to lead not only to its own collapse but also that of the economy connected to it. Therefore a new system of money is always needed to be created. Here I am going to go over some examples in history how fiat has failed the people.

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