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How to fix the economy (lemmy.world)
submitted 11 months ago by The_Picard_Maneuver@lemmy.world to c/curatedtumblr@sh.itjust.works
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[-] Alexstarfire@lemmy.world 1 points 11 months ago

Yes, but things like gold have actual uses which give them at least some actual value. Fiat currency is backed 100% by belief.

[-] earphone843@sh.itjust.works 5 points 11 months ago

Gold as a currency only has as much value as people assign to it. It's really no different than a fiat currency.

[-] konki@lemmy.one -1 points 11 months ago* (last edited 11 months ago)

Fiat currencies are actually backed by the tax liabilities denominated in them. If you are liable for one of my business cards, else a guy with a gun shows up at your door, you suddenly have demand for my business cards.

this post was submitted on 08 Feb 2025
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