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When Fiat Currency Stops Being Money

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Tags Money and Banks

12/16/2021Daniel Lacalle

If the private sector does not accept a currency as a general means of payment and a store of value, the currency becomes worthless and ceases to be money. Ultimately, it becomes useless paper.

Original Article: "When Fiat Currency Stops Being Money"

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Author:

Daniel Lacalle

Daniel Lacalle, PhD, economist and fund manager, is the author of the bestselling books Freedom or Equality (2020), Escape from the Central Bank Trap (2017), The Energy World Is Flat (2015), and Life in the Financial Markets (2014).

He is a professor of global economy at IE Business School in Madrid.

Original Article: 
When Fiat Currency Stops Being Money
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