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Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity.Fiat currency is typically designated by the issuing government to be legal tender, and is authorized by government regulation.
Toward the end of the nineteenth century, bimetallism became a center of political conflict. During the civil war, to finance the war the U.S. switched from bimetallism to a fiat currency, greenbacks. In 1873, the government passed the Fourth Coinage Act and soon resumed specie payments without the free and unlimited coinage of silver.
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
The latest 13F reporting period has come and gone, and Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F ...
In the Bretton Woods system put in place in 1944, U.S. dollars were convertible to gold between countries. In France, it was called "America's exorbitant privilege" [2] as it resulted in an "asymmetric financial system" where foreigners "see themselves supporting American living standards and subsidizing American multinationals".
Reserves may come from any source, including the federal funds market, deposits by the public, and borrowing from the Fed itself. [39] As of April 2013, the monetary base was $3 trillion [40] and M2, the broadest measure of money supply, was $10.5 trillion. [41]
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