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Are there any countries that have their money backed up by anything of value?
WarnerAthey
That is a really great question. As a person who once believed in the System, justice for all, and the American dream; I now see that the world is based on the haves and the havenots. This has greatly changed my concept of value. I am happier owning nothing than I ever was trying to protect myself from the greed that is running rampant in the world today. I used to have and now I don't. I am no longer controlled by debt, so called "assets", family or friends. I don't lie, cheat, or steal. I have time to eat a good meal and my friends are true. The whole world is living on credit. I now have time to plant a garden and don't concern myself with tomorrow. I believe that governments suck off the labor and fears of the people of their country. If we all stopped believing in the concept of owning we would no longer need to lose our soul trying to acquire what others are trying to sell. All governments live off their people and success is based on who you know, not what you know. The people that truly know get used and knocked down by the others. I haven't opened a bill, missed a meal, or slept in the street in six years and I am happier. I need very little and I help others.
Wiki User
∙ 15y ago
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What is paper money backed up by?
Paper money is typically backed by the government that issues it, which promises to accept it as payment for goods and services. In the past, paper money used to be backed by a specific commodity like gold or silver, but most countries have moved away from this system to a fiat currency system where money has value because the government says it does.
What kind of money has no value except as a medium of exchange?
The term "fiat money" means money backed by the credit of the issuer, and has no intrinsic value.
What is give money its value?
Money, especially paper money, is backed by the gold reserves of the issuing bank
What is the definition of Fiat money?
"Fiat money, is money that is not backed by something with vaule. US money is backed by commodites like silver and gold. Fiat money is money declared by a government to be legal, eventhough it has no value."
What money has little or no intrinsic value but has vale mandated by a government and backed by the law and power of the states?
fiat money.
What gives money its value?
Faith. American currancy is backed by the full faithcredit of the government of the U.S.
Money that is backed by an item of value such as gold or silver (page 378) The value is presented as numbers in the currency.?
We don't know which book you're referencing.
Why do people prefer to hold money?
Money is at least physical, no matter how poorly backed financially. The physical possession provides a feeling of value and security.
Is the US currency backed by gold?
Yes, as well as silver and the governments promise to pay. I would say no because it is not redeemable in silver or gold. To be backed by silver or gold would mean that you could cash it in for gold. This is why the value of our money has gone down because it is not backed by anything other than the government behind it. Since our government is Trillions in debt they can not guarantee the currency at all.
Would anything have value without money?
do you value your hands, do you have to pay for them?
In economics gold and salt are examples of which form of money?
Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
Relationship of money to economy?
Economy encompasses the whole of buying and selling of goods and services. Money is the currency used to buy and sell. Money is either coins or paper that is symbolic of the wealth it represents. Money backed by gold is stronger and more reliable than money backed by copper. Fiat money is utterly useless as there is nothing but consumer confidence to back it. Gold and even copper have been around and backing currency for thousands of years, and will always possess intrinsic value. Consumer confidence is as fickle as a 13 year old boy at a Sadie Hawkins dance and possess no intrinsic value. A dollar floated as "fiat" is a vulnerable currency, and if other forms of currency are entered into the same market economy that are backed by money with intrinsic value the fiat dollar will weaken as the money backed by wealth will strengthen.
