History of South America
What is Indian currency issue backed by?
Asked in India, Saudi Arabia
List of currency of world comparing to Indian currency?
What is the difference between a fiat currency and a gold-backed currency?
Fiat currency is based on faith that it is worth something, much like an IOU. If the authority printing that currency has good credit, the currency will be worth more, and the opposite is true, as well. Gold-backed currency is just that: currency which represents the exact value of gold printed on it. So, a $1 treasury note = $1 in gold. Traditionally, with a gold-backed currency, you, the holder of that note, would be able to go down to your local bank and exchange that note for the same amount of gold. In short, with a fiat currency, everyone agrees that it's worth that amount, and it is subject to national credit ratings. With a metal-standard currency, the currency is based on the price and value of a particular metal, like gold. There are currently no gold-backed currencies. Every currency in the world is a fiat currency.
Asked in Articles of Confederation
Which of the following is true about the currency printed by the Articles of Confederation government?
Asked in World Currencies, Banking
What is the value of kuwaiti dinar currency in Indian rupee?
Asked in India, World Currencies
Who has introduced leather currency in Indian history?
Asked in India, Currency Conversions
What is the value of 500000 jugoslavija Dinara currency in Indian rupee?
Asked in World Currencies
Why did populists want the US to move from a currency backed by gold to one backed by both gold and silver?
Asked in Fiat
What is executive fiat?
You must understand what fiat is first. This is money that is backed by nothing of any intrinsic value. Our currency for instance is no longer backed by gold, instead it is backed by government debt. When used in the political context of executive fiat, it describes a president using power that isn't backed up by law. Therefore on its face, it is as worthless as our currency is becoming