No fiat God

Posted On Sep 10 2013 by

I remember the first time I heard the term “fiat currency.” I asked my economics instructor, “So currency only has value because we believe it has value?” “That’s correct,” he replied. I pushed. “So what happens if the entire country just stopped believing a dollar had any value?” He smiled. “Hope you’ve stocked up on chickens.” I still find this concept amazing. It’s almost like we’ve been fooled. Of course, we haven’t. We all know a dollar is just a piece of paper. We accept it because bartering stinks…literally. Know how many chickens I’d need for box seats at a …