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Fiat means "decree". William F. Hummel, a retired engineer, in the recent past published articles on money and credit systems. He has since retired from public discourse. This is an entry which discusses the evolution from a gold standard to so-called fiat money in the United States (when the State makes gold or silver coin the metal standard this ...


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First correction of various misconceptions: Since Nixon went off the gold standard the U.S. dollar has been a fiat currency backed by federal debt. U.S. dollar is not backed by federal debt, and in general fiat currencies by definition of the word are not backed by anything (see Wallace 2017). Also, generally if money is backed by something it has to be ...


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If a dollar depreciates then: Financial assets and liabilities (loans, bonds) denominated in US dollars are still worth the same number of US dollars. Financial assets and liabilities (loans, bonds) denominated in foreign currencies are both worth more US dollars (because it costs more US dollars to get a foreign dollar). Tangible assets (e.g. real estate) ...


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