I am pretty sure everyone knows what gold is. But the term fiat currency is defined by businessdictionary.com as ‘the common type of currency issued by official order, and whose value is based on the issuing authority’s guarantee to pay the stated (face) amount on demand, and not on any intrinsic worth or extrinsic backing.
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Tag Archive | "gold money"
These types of financial systems always fail
Posted on 20 February 2012.
This interview features Gold Silver’s Mike Maloney who puts forward a very strong argument in discussing: Debt based currency systems create huge discrepancies of wealth and always fail. Don’t fall for conventional ignorance. Currency is borrowed into existence and we have to go deeper into debt for the system to keep functioning.
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10 reasons why gold is money
