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Patrick Elliott wrote:
> Enlighten me how they are not then.
Fiat currency is when someone says "Accept this otherwise worthless item as
money, or we will hurt you."
> In the end, the value is what you can spend it on. If no one wants
> it, there isn't any difference in value between a $1 coin and a $1 piece
> of paper.
No, that's exactly the difference. If nobody wants dollar bills, you still
have to accept them, as a matter of law, as legal tender. You don't get to
say "Sorry, I don't think this piece of paper is worth a dollar."
--
Darren New, San Diego CA, USA (PST)
"How did he die?" "He got shot in the hand."
"That was fatal?"
"He was holding a live grenade at the time."
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