Top 10 Reasons For Fiat Currencies


Yuan Dynasty Banknotes (circa 14th century)

Let’s end the year with some humor from The Daily Capitalist and its recent post titled “Top Ten Reasons Why Fiat Currency Is Superior To Gold (Or Silver) Money.”

The Top 10 Reasons are below; the commentary can be found at The Daily Capitalist.

Number 10: There Is Not Enough Gold (Or Silver) In The World To Serve As Money

Number 9: Gold And Silver Are Old-Fashioned, Cumbersome Money

Number 8: Gold Restrains Growth

Number 7: The Gold Standard Caused The Great Depression

Number 6: Rules Can Be Broken

Number 5: Gold-Backed Money Favours The US Versus The Rest Of The World

Number 4: Gold Favours Gold-Mining Countries Over Others

Number 3: Gold Favours The Rich

Number 2: PhDs Know What’s Good For Us

Number 1: If Given A Choice, We Would All Prefer Fiat Over Gold-Backed Money

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