New answers tagged federal-reserve
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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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Imagine there is no Federal Reserve. It's easy if you try (because the Fed did not exist prior to about 1914). When the federal government operates in a world without the Fed the Treasury department would collect taxes, fees, and other receipts into commercial bank accounts due to the federal govt called Treasury Tax and Loan Accounts (TTL). The net sale of ...
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