Quotes About Fiat money

A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.

There have been unions based on gold or silver, but not on fiat money - money tempted to inflate - put out by politically independent entities.

Only the naive inflationist's could believe that government could enrich mankind through fiat money.

As long as we issue fiat currency, I see no alternative to a legal tender law.

I want to make it clear what I am not saying. I am not saying that fiat money, once established on the ruins of gold, cannot then continue indefinitely on its own.

The world solidly abandoned the gold standard in 1971. Since then, countries have used fiat money—that is, money not backed by anything.

A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.

Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.

Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.

The collapse of an inflation policy carried to its extreme -- as in the United States in 1781 and in France in 1796 -- does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.

When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money.

Absolute money (gold) makes limited-states and localized-wars (Pre-1913); Substitute money (fiat) makes Absolute States & Wars (Post-1913)