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For several thousand years, money has been viewed as tokens with intrinsic value, like gold or silver coins. Substitutes like paper currencies were often used, but they were only accepted on the promise they could be converted into "hard money" on demand. The era of hard money is now history. Today every major industrial nation creates its own monetary base of intrinsically worthless and inconvertible tokens known as fiat money. Most other for...

For centuries, money was viewed as tokens with intrinsic value, like gold or silver coins. Paper currencies were often used as substitutes, but they were only accepted on the promise they could be converted on demand into "hard money." The era of hard money ended in the mid-20th century. Today every major industrial nation creates its own currency in the form of intrinsically worthless tokens known as fiat money. Most other forms of money are ...