Fiat money is a flawed construct invented by economists who have failed to understand that inconvertible paper money is backed by the assets of its issuer. An arbitrage argument is presented to show that convertibility is irrelevant to the value of paper money. Fiat money would self-destruct by attracting rival moneys.
Fiat money is a flawed construct invented by economists who have failed to understand that inconvertible paper money is backed by the assets of its issuer. An arbitrage argument is presented to show that convertibility is irrelevant to the value of paper money. Fiat money would self-destruct by attracting rival moneys.
Fiat money is a flawed construct invented by economists who have failed to understand that inconvertible paper money is backed by the assets of its issuer. An arbitrage argument is presented to show that convertibility is irrelevant to the value of paper money. Fiat money would self-destruct by attracting rival moneys.