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Title: The current US Dollar is breaking the average lifespan of a fiat currency. Post by: Strongman on August 14, 2012, 03:10:36 AM 27 years is the lifespan of an average fiat currency, most not backed by Gold or Silver in their inception. The US Dollar left all precious metal backing around 40 years ago. Why is it still alive? It's hard to break a century-or-so old trust. However with US bank accounts recently losing all FDIC insurance in lieu of the European bailouts, it seems we have reached the end.
People usually reach for precious metals such as Gold and Silver during these times but we live in a digital world with digital monetary transfers. Precious metals won't serve us well in a digital world. Luckily we have Bitcoin to combine the best of the precious metal and digital worlds. Happy days ahead. For us at least. Title: Re: The current US Dollar is breaking the average lifespan of a fiat currency. Post by: Stephen Gornick on August 14, 2012, 08:08:33 AM US bank accounts recently losing all FDIC insurance in lieu of the European bailouts, Source? Title: Re: The current US Dollar is breaking the average lifespan of a fiat currency. Post by: OneVillain on August 14, 2012, 10:58:47 AM 27 years is the lifespan of an average fiat currency, most not backed by Gold or Silver in their inception. The US Dollar left all precious metal backing around 40 years ago. Why is it still alive? Being backed by gold and silver in the beginning would seem to extend its lifespan (gives it something to push off of). And fiat currencies are "backed" by government force. The US military is the biggest one there's ever been, so not really surprising imo that it's passing the average fiat currency. |