Fiat money (or fiat currency) is a genuine economics term that applies to all the dominant currencies in the world. Libertarians hate the idea that currency has value because government says so, and use the term derisively. They would prefer to switch to gold or bitcoin or some other non-governmental scheme.
- Fractional Reserve Banking (3 links)
- A huge bugaboo of Austrian economists such as Murray Rothbard. They claim it is essentially fraud and embezzlement, and that a 100 percent reserve gold standard is the necessary alternative.
- Fractional Reserve Banking: An Evil? [More...]
- "I have to admit that every time I hear some Austrian complain about fractional reserve banking I laugh. The Austrians are adamant that fractional reserve banking is an evil fraud, yet since the early 19th century this system was a fundamental characteristic of modern Western capitalism. Fractional reserve banking was a major invention of the free market. What government ever forced banks or the public to engage in the practice?"
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