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ONLY A CRISIS WILL BRING MONEY REFORM.

Authors :
Melloan, George
Source :
CATO Journal. Spring/Summer2012, Vol. 32 Issue 2, p279-283. 5p.
Publication Year :
2012

Abstract

The article focuses on the importance of money reform, while exploring the economic and political aspects of fiat money. The author emphasizes that fiat money tends to lose it value over time and is not a reliable source of wealth. A brief history of the Bretton Woods system of monetary management is provided, along with former U.S. President Richard Nixon's decision to terminate the convertibility of the U.S. dollar in August of 1971 and the economic consequences that ensued. The author discusses the politicization of money and the vulnerability of fiat currencies being subject to political influence.

Details

Language :
English
ISSN :
02733072
Volume :
32
Issue :
2
Database :
Academic Search Index
Journal :
CATO Journal
Publication Type :
Academic Journal
Accession number :
76315458