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Why did we start using paper money? - The History of Money (3/10)

OpenLearn from The Open University 17 views

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@x0xNateRiverx0x
 Apparently the "modern" paper system occurred because European countries started to redeem their gold from US which at the time had amassed almost 2/3 of the world's (hence US golden age of Superpower) gold reserve because of world war II Because US had printed more dollars than backed (Bretton Woods system), they could not honor the engagement of returning all the gold as stated by Charles de Gaulle (France)brbrHence apparently they changed to several systems until they finally adopted a full fiat system and all other countries followed brbrThe constant use of paper money (via its convenience aspect) throughout decades eventually killed the very basic notion of worth for most people It has removed the commodity money (throughout years has been gold and silver) and replaced it on trust which is in itself not absolute (or rational) and fragile (Ex: Fragile as in the realization that the bretton wood system was based on no reserve ratio) brbrGovernments can nowadays inflate and deflate the economy at will But the issue is that deflation is almost non-existent so that the underlying principles of the system are mostly voidbrConstant inflation only benefits the those who receive printed money first Because by the time people realise money supply has increased and inflation ensues, those above have benefited in the time frame before inflation as suggested by Austrian economistsbrbrNow whether the fiat system is good or not is the actual question To which the simple answer is : "La raison du plus fort est toujours la meilleur - Jean de La Fontaine"
Comment from : @x0xNateRiverx0x

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