Gold vs. Fiat Money. The Spotlight. 1 minute read May 14, 2021. Gold emerges as a clear winner in a "battle" against fiat currencies that have considerably lost in value against the precious metal over the past 20 years. Take a look at the chart! Shermer and Skousen discuss: whether economics is politicized • Adam Smith and what he really said • how the economy really works • fiat money vs. gold standard money • inflation and what to do about it • experimental economics • regulation on capitalism • what the Fed does (or should do) • Modern Monetary Theory • bitcoin/cryptocurrency • monopolies, duopolies, and market Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver. Read more about dollars, euros, and other fiat money. more

Modern fiat money is far more sophisticated and convoluted in its operation. Understanding the problem this fiat system solves makes the move from the gold standard to the fiat standard appear

Countries have indeed abandoned gold when the going got tough - as they did in the 1930s and the 1970s. So if currencies did return to the gold standard, it might please the so-called "gold bugs
Fiat Currency vs. Representative Money. Representative money is also produced by the government, but unlike fiat money, it's backed by a physical commodity. From there on, the gold standard
Fiat Currency vs Gold Standard. The gold standard is a monetary system where gold blocks back the currency, i.e. it is directly linked to the value of precious metals. If a country has a gold standard, the government sets a fixed price for one ounce of gold, which determines the value of the other currency. Gold Standard Video Series. Part 1: How the Gold Standard Compares to a Fiat Money System (2:04) Part 2: Gold Standard and Inflation (3:00) Part 3: Purchasing Power (3:17) Part 4: Benefits of a Fiat Money System (2:23) Part 5: The Gold Standard and the Central Bank (1:46) Narrator: The United States ended its attachment to the gold standard in 1971, converting to a 100% fiat money system. Today, there isn't a single country that backs its currency with gold. But what are the key differences between a fiat system and a currency backed by gold? AEOdW.
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