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overtheedge
Member since May 2012
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Dozens of Countries Have Already Kicked the Fiat Currency Habit

- Nathan Lewis - New World Economics

"Dozens of Countries Have Already Kicked the Fiat Currency Habit "
"In total, there are fifty-five states and territories that have a Classical fixed-value system based on the euro. "

Wow. So the Euro is NOT a fiat currency?
Using the same reasoning, the Saudi riyal is NOT fiat because it is tied to the USD.
By your argument, the USD could then convert to a fixed-value currency by just tying the its value to another fiat currency such as the Ukraine Hyrvnia.
And unless gold and silver are tied to some currency, then they are just fiat as well.
How could I have been so wrong for so long?

Commented 3690 days ago

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Beginning of the headline :It might seem that today we are deeply devoted to the Mercantilist paradigm in monetary affairs: the notion of a floating fiat currency managed by a panel of bureaucrats, to address an ever-changing menu of issues including unemployment, exchange rates, financial markets, government funding, and the interests of one group or another. Some people call this the Soft Money paradigm, characterized by the “Rule of Man.” But, I think it is important that quite a few go... Read More

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