.1 bch for the first correct answer.
Which of the two choices below more aptly fits the definition of the word "Fiat"
1) Federal Reserve Notes?
2) United States Notes?
United States Notes
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Winner ^^^
a Fed note is not fiat. You can grab a current asset report any time by plugging Fed Asset Report Current into a search engine. link:
https://www.federalreserve.gov/data/intlsumm/current.htm Albeit SDR's play a major role in securing the value of a dollar, that is a confidence and security building measure..
The captured mind.
The value of a US note, being completely fiat, is determined by who is willing to buy or otherwise accept it for goods and services.
Thanks you are a man of trust, received my coin.
"The value of a US note, being completely fiat, is determined by who is willing to buy or otherwise accept it for goods and services."
I agree, it is people who give value to notes. Tomorrow morning we could wake up and start using different notes, wouldn't make any difference for us as long as we give value to them.
I live in Europe (Italy) and I watch closely what happens here between EU and states like Greece, or recently Spain.
Italy is in a situation where we pay a lot of taxes more than other states (a lot more, we are low in the rank).
Here you can see
http://www.doingbusiness.org/data/exploreeconomies/italy#paying-taxesI would say it is fine to pay high taxes but give us excellent services then, help population when natural disaster happens... etc.. but it is the opposite.
Italy is low in raking to states with good internet service.
When natural disaster happens population has to help, state doesn't help.
Politicians are paid 20k and higher, serve as a politician for 5 years and then you are good for life (salary and benefits for life).
It is un-acceptable.
I see a pattern in every state, people are afrai to lose anything if their currency change.
Bankers were able to create huge power over beliefs, it is smoke man it is smoke in the air.
People are slave because of beliefs, it is so sad.
I looked at history, higher taxes started to appear when central banks were born.
Well I talked a lot, sorry, but I like these arguments.