pull down to refresh

0 sats \ 2 replies \ @Bell_curve 12h \ parent \ on: Which is Worse: Taxes or Fiat Money? econ
Maybe the 2 are related?
Federal Reserve was created in 1913. Income Tax amendment passed in 1913.
write
preview
11 sats \ 1 reply \ @kepford OP 11h
For sure they are. But taxes weren't invented in the US nor was fiat.
I was meaning on earth too. Not the US alone.
reply
0 sats \ 0 replies \ @Bell_curve 10h
When did fiat start in USA?
1776? 1789? 1865? 1877? 1913? 1933? 1971?
Even during the gold standard, banks would issue notes for gold deposits but they were fractional.
A fiat system can work better without a central bank and without fractional reserve banking.
Currencies collapse because governments spend and waste tax dollars.
Fiat is imperfect like most things but taxation is worse
reply