“Fiat” is money with no intrinsic value beyond whatever an issuing government is able to enforce. When it enjoys a monopoly as currency, fiat inevitably turns the free market functions of money inside out. Instead of being a store of value, the currency becomes a point of plunder through monetary policies such as quantitative easing. Instead of greasing society as a medium of exchange, the currency acts as a powerful tool of social control.Read more »
At current metal prices it costs 2.4 cents to make a penny and 11.2 cents to make a nickel. This week President Obama asked Congress for permission to change the mix of metal that goes into these coins, because apparently the zinc and tinfoil they’re made of now is just too expensive.Read more »
Bitcoin is apparently no better than a fiat currency.Read more »
I want to get this out in the open because it is the kind of thing that will generate conspiracy theories: I'm going to give a presentation about Bitcoin at CIA headquarters in June at an emerging technologies conference for the US intelligence community.Read more »
Russia wants the ruble to be one of the world’s reserve currencies as President Dmitry Medvedev renews his push to reduce the dollar’s dominance and make Moscow a global financial hub. “Only three, five years ago it seemed like a fantasy” to create a new reserve currency, Medvedev said yesterday in a speech in St. Petersburg, Russia. “Now we are seriously discussing it.”Read more »
LIVE 7 Days a Week!
Mon-Sun: 7pm-10pm Eastern