Paper money, part II

So to continue, if the dollar isn’t backed by silver, then how come it’s not worthless? What gives it value? The Legal Tender Statement. Legal tender money is often called fiat money. -Meaning phony money- Phony money backed by government law. In some countries, in earlier centuries, if you refused to take the phony [...]

Money & ancient civiliation

We must understand money to understand inflation and recession. I’m sure you have noticed that the penny and nickel have no grooves on them. The dime, quarter, and the half dollar have grooves on the edge of them. They are called reeded coins. Cooper is sandwiched between nickel-zinc metal and our coins are called [...]