history

The History of U.S. Currency

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The history of U.S. currency begins with the foreign money of the colonial era and ends with the fiat standard of the post 1971 era. The Federal Reserve Notes that currently circulate as U.S. currency only became the exclusive legal tender of the United States in 1971. Before that, the United States had a number […]

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A Short History of Fiat Currency Failures: 9 Currencies That Have Collapsed

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Key Takeaways The history of fiat currency failure reveals a very predictable pattern. The government starts with a small issue of paper money, thinking that they will just use it the once. Then they use it a second time. Then another and another, and another. Soon they are addicted. The government eventually prints too much,

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The History of Gold As Money

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Gold has a long history and has been used as money for several thousand years. While not formally part of the money system today, central banks still hold gold, giving it a proximate shadow status in the current system. Of all the elements of the periodic table, gold is the one best suited for use

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The Rentenmark: How Hyperinflation Was Solved In Germany [And 6 Lessons You Can Learn From It]

The story of the Weimar hyperinflation is a familiar one. But do you know what the rentenmark was and how it worked? Germany, like the other European powers, suspended the gold standard at the outbreak of World War One in 1914, abandoning the goldmark for the papiermark. By losing the war she suffered a greater

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How The Ming Dynasty Was Forced To Return To The Silver Standard

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There are times in history where the government reluctantly accepts that state money has failed and the market’s money has proven superior. One such example was in the Ming Dynasty and silver. The government had initially banned silver and decreed that the citizens should use devaluing paper currency. Unfortunately for the authorities, the citizens continued

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How A Financial Crisis Caused The French Revolution [And 3 Lessons You Can Learn From It]

A financial crisis caused the French Revolution when the debt laden state, in political gridlock, abandoned sound money for one of the world’s most destructive paper money experiments. This act triggered a chain of events that unleashed revolutionary forces that led to the downfall of the monarchy and a complete restructuring of French society and

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