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<blockquote data-quote="Bright Raven" data-source="post: 1519707" data-attributes="member: 27490"><p>The US dollar is now "fiat money". In other words only PAPER. It has no intrinsic value other that it is recognized by law as the US official currency.</p><p></p><p>As the world's largest debtor nation, the US currently holds a National Debt of $21 trillion.</p><p></p><p>I would rather hold a debt of that size in paper than I would in a currency redeemable in a precious metal.</p><p></p><p><strong>Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value...</strong></p><p></p><p>Why inflation is "good" for repaying the national debt:</p><p></p><p><a href="https://www.economicshelp.org/blog/3015/economics/why-inflation-makes-it-easier-for-government-to-pay-debt/" target="_blank">https://www.economicshelp.org/blog/3015 ... -pay-debt/</a></p></blockquote><p></p>
[QUOTE="Bright Raven, post: 1519707, member: 27490"] The US dollar is now "fiat money". In other words only PAPER. It has no intrinsic value other that it is recognized by law as the US official currency. As the world's largest debtor nation, the US currently holds a National Debt of $21 trillion. I would rather hold a debt of that size in paper than I would in a currency redeemable in a precious metal. [b]Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value...[/b] Why inflation is "good" for repaying the national debt: [url=https://www.economicshelp.org/blog/3015/economics/why-inflation-makes-it-easier-for-government-to-pay-debt/]https://www.economicshelp.org/blog/3015 ... -pay-debt/[/url] [/QUOTE]
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