Post date: Dec 5, 2014 9:14:45 PM
Where did you leave the real money?
A Throughout history, the real money was gold or silver. For convenience, these metals were minted with the seal of the governing authority, which it stated purity and weight of the coin. Coining gold and silver has always been an act of sovereignty.
Within the long history of human use of money, only the last 300 years or so have seen the invention of new forms of money. The real money is still there, because its existence responds to the needs of human nature; has just fallen into disuse - without ceasing to exist. - the complexities that governments have established their use
there besides fiat money ("fido", meaning "I trust", from Latin), same as it was called so, because it was not gold or silver, but of certificates that promised the delivery of the gold coin or silver, the holder. Some certificates were simple proof of a deposit of gold or silver, in favor of a holder; other certificates took the form of "promissory notes" issued by a banking company. Notes were no expiration date and "collectible" in gold or silver, sight and to bearer. The holder of the note "IOU" confident that the issuer of the note would deliver gold or silver, upon presentation of the ticket.
Today there is no longer fiat money in the world. No ticket in the modern world, represents an enforceable right by its owner, by which issues the ticket.
On the other hand, the fiat money, which is so called, because it does not promise delivery or gold or silver or anything else, the bearer of it. The word "fiat" means "get" in Latin. It is money that exists by decree governing power. He has no "backup", no delivery promises anything of value to its owner; there by decree and by government force imposed by this decree. Today, there is only fiat money in the world money.
The "fiat" money is worth in trade, because the moment of its creation, replaced other money itself was something of value, as in the case of real or promise anything of value, in case of fiat money. The money, real or trustee, before the "fiat" money, transmitted a part of its value to "fiat" money. Although it was with a discount, big or small, is the former money, where the "fiat" money acquired its value and acceptance in the trade.
It is known the precise date on which ceased to exist in the world, fiat money and was instead exclusively fiat money. That date is August 15th 1971, the day President Nixon of the United States annulled the promise of redemption - pay - gold for dollars held by central banks in the world, at the rate of one ounce of gold for each $ 35 presented for collection.
Miguel Cortinas. (November 2014). Research Electronics Process Management. NA, 1rst, 1.