So the money supply shrink in recessions which raise interest rate for loans and make it harder to relaunch the economy. But with a fiat currency, you can print money and cause some inflation to both lower the value of debt and lower interest rate by increasing the money supply and helping to relaunch the economy.

2013年4月1日 · Bitcoin is some kind of online currency (some of these neckbeards call it a "crypto" currency lol) that is supposed to undermine fiat money. Some obvious problems that I see: Since nobody controls minting of new money, how can interest rates be set / controlled? Same for as, but unemployment instead of interest rates?

2021年2月16日 · Fiat money works the same way. Everyone agrees that the money has value and is worth something. Way back in the day, pretty much all money was based on previous metals. Gold, Silver, even copper. The United States dollar worked the same way, you used to be able to take your dollars and go and exchange them with the government for real, physical ...

2022年1月13日 · Fiat money is all the currency you are familiar with. It’s money backed by the trust “fiat” in the monetary system - so US dollar is fiat currency, GB pound is fiat currency, Rusian ruble is fiat currency. It serves as money because people believe that it can be exchanged for goods and services.

2017年9月24日 · The interesting point is that until bitcoin, fiat vs. asset currency could be easily distinguished because "based on the intrinsic value of the underlying asset" and "cannot be created at will" were intertwined - the "cannot be created at will" was exactly because the currency was based on the intrinsic value of an underlying asset.

2023年6月30日 · Fiat is the only currency government accepts for this -and it's very difficult to get by in the world without incurring some kind of tax obligation, or placing that on someone else and so them wanting fiat.

2012年12月18日 · Today's "fiat currencies" are examples of what Marx called token money, referring to money that is merely a symbolic representative of the use-value of the money commodity, i.e., a given weight of gold. While credit money represented a legal promise to pay in gold, token money just represents the value of a certain quantity of gold, which was ...

2022年10月17日 · The last part clearly and indisputably describes fiat money - “inconvertible paper money issued by the state and given forced currency” - but it is also clear that the relationship Marx sees between fiat money and commodity money is not the same, theoretically speaking, as either your average “commodity money appreciator” or your ...

2022年1月27日 · Money in Capital is a specific form, and Marx analyzes it that level of abstraction, elucidating its historically specific formal function in capitalist society. Gold standard, fiat money, workers script, whatever, are specific fetishized types of Money. That is, at the level of abstraction of the forms Marx critiques, it’s a black box.

2018年12月18日 · It seems as if money becomes more and more of an abstraction as opposed to commodity nowadays. While currency in early capitalism was tied more exclusively to precious metals from which they were minted, especially gold, I think Marx was probably aware of this abstraction, hence the money commodity being the universal equivalent commodity (Capital …