Fiat Money Vs Commodity Money-A Raging Debate
Are you looking to become involved in the discussion surrounding fiat money vs. commodity money? Many people are trying to learn more about this discussion as countries around the world are running up debt. America is not exempt from this either as seen by the trillions currently owed by the United States government. Commodity money is currency backed by a tangible object. Up until the mid-20th century, the American dollar was backed by gold. At that time, the switch to fiat money was adopted. Fiat money has no intrinsic value per se, but the government has declared it to be money.