Standard of deferred payment and legal tender. A fourth function of money is that anytime you take on a debt, when the time comes to repay it, you can use money. This is highly related to the idea of "legal tender", which you can also learn about in this video. Created by Grant Sanderson.
Key Takeaways Fiat money is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can
Gold Standard Video Series. Part 1: How the Gold Standard Compares to a Fiat Money System (2:04) Part 2: Gold Standard and Inflation (3:00) Part 3: Purchasing Power (3:17) Part 4: Benefits of a Fiat Money System (2:23) Part 5: The Gold Standard and the Central Bank (1:46) Modern fiat money is far more sophisticated and convoluted in its operation. Understanding the problem this fiat system solves makes the move from the gold standard to the fiat standard appear

The Gold Standard. Fiat represents the next iteration of money to follow the gold standard. The United States officially adopted the gold standard in 1879 and pegged its dollar to the price of gold, a system which would not be fully terminated until 1971.

Fiat Currency vs Gold Standard: How They Work . Fiat Currency . As mentioned above, fiat currency is issued by a government and not backed by any physical commodity. For example, the United States dollar is a fiat currency. In 1971, President Nixon took the U.S. off the gold standard, which means that the dollar no longer had to be backed by
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fiat money vs gold standard