European Tribune - Comments - Oh my, the alacrity!

Oh my, the alacrity! | 353 comments (353 topical, 0 editorial, 0 hidden)

The value of a fiat currency is backed by the power of the state to levy taxes on the economy. Fundamentally, the currency is backed by the need of you to cough up your taxes in that currency, or the dude with the big stick will come and take your stuff away from you.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri May 22nd, 2009 at 04:23:48 AM EST
[ Parent ]

Re: BNPP (none / 0)

Also - that big stick takes tribute from other states.

Exchange rates seem to be a measure of belief in the size of the stick.

Which shouldn't entirely be a surprise, I suppose.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri May 22nd, 2009 at 04:27:37 AM EST
[ Parent ]

Oh my, the alacrity! | 353 comments (353 topical, 0 editorial, 0 hidden)

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