Fiat Money

The subject is a favorite bugaboo of Ayn Randers and various other nutjobs of the right. The first fiat money we know about was the silver coinage introduced to replace the somewhat cumbersome barley money previously used in ancient Mesopotamia. That barley money, in turn, was the last true commodity money. Silver and gold, like paper money, are valuable mostly because people think they are, though they are decorative and have a few technological uses.

Just sayin'.


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