A money whose use is required by law - legal tender - and that is not linked to any good or commodity such as gold.
Steve Horwitz - The Cost of Inflation
Lawrence Reed - Money and Inflation
JULY 29, 2009
JANUARY 28, 2009 by WILLIAM ANDERSON
If the process of creating more and more money by fiat (called inflation) goes on unchecked, as it did during the past decade, then not only does the value of money on the margin fall, but its growth triggers an unsustainable boom that ultimately collapses in a bust.
JANUARY 09, 2009 by SHELDON RICHMAN
The Federal Reserve has been pumping hundreds of billions of newly created dollars into "the economy." Much of that money has been sent to Wall Street to bailout large, struggling firms. But that's just the beginning. President-elect Obama says that since he needs to "stimulate the economy" we can look forward to trillion-dollar budget deficits for years to come. Even before the financial turmoil began, the deficit had approached $500 billion. (Not to worry, though--Obama says deficit spending will impose "fiscal discipline" in the future.) Of course, when the federal government spends more than it taxes, it has to get the extra money somewhere. Therein lies the treachery.
Related Freeman Articles
JULY 01, 1983 by CLARENCE B. CARSON
The United States Constitution does not mention paper money by that name. Nor does it refer to paper currency or fiat money in those words. There is only one direct reference to the origins of what we, and they, usually call paper money. It is in the limitations on the power of the states in Article I, Section 10. It reads, "No State shall . . . emit Bills of Credit . . . ." Paper that was intended to circulate as money but was not redeemable in gold and silver was technically described as bills of credit at that time.
NOVEMBER 01, 1969 by HANS SENNHOLZ
Goods-induced and money-induced factors that affect the value of money.
MULTIMEDIA - VIDEO
MARCH 01, 2011
MULTIMEDIA - VIDEO
AUGUST 31, 2010
MULTIMEDIA - AUDIO
MAY 24, 2010
FEE President, Lawrence W. Reed, spoke to the Eighth Annual Abbeville Institute Scholars Conference about US economic history and the centralization of the monetary system on February 4, 2010.