Is the FIAT CURRENCY System Doomed? | Where Does Money Come From | Gold | ENDEVR Explains Since officially abandoning the gold standard in 1973, the dollar is what economists call fiat money. The word "fiat" comes from Latin and is often translated as a decree, but in summary, the term means that the money is not backed by a physical asset, like gold or silver. Its value is based only on the full faith and credit of the United States. This makes it much easier to increase the debt and resort to expansionary policies. Critics consider this damaging and see an economic crisis looming and inevitable. Defenders believe the economic damage would be bigger if nothing was done. In this video, we dive into the advantages and disadvantages of the system. If you are interested in this video, you might also like to watch about the gold standard, gold logistics and cryptocurrencies. Here:    • Gold, Money and Crypto | ENDEVR   Sources: 1: https://www.investopedia.com/terms/f/fiatmoney.asp 2: https://www.investopedia.com/terms/f/fiatmoney.asp 3: https://www.nytimes.com/2020/04/15/business/coronavirus-stimulus-money.html 4: https://www.investopedia.com/terms/d/debtsecurity.asp https://www.investopedia.com/terms/g/government-bond.asp 5:https://www.investopedia.com/articles/economics/10/understanding-the-fed-balance-sheet.asp#:~:text=Liabilities%20for%20the%20Fed%20include,called%20quantitative%20easing%20(QE). 6: https://www.nytimes.com/2020/04/15/business/coronavirus-stimulus-money.html 7:https://www.investopedia.com/articles/economics/10/understanding-the-fed-balance-sheet.asp 8: https://www.investopedia.com/articles/economics/10/understanding-the-fed-balance-sheet.asp#:~:text=Liabilities%20for%20the%20Fed%20include,called%20quantitative%20easing%20(QE). 9: https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 10: https://www.forbes.com/sites/nathanlewis/2020/03/27/what-if-we-had-a-gold-standard-right-now/?sh=307d697f3e58 11: https://www.nytimes.com/2014/07/07/opinion/paul-krugman-conservative-delusions-about-inflation.html?searchResultPosition=9 12: https://www.nytimes.com/2021/01/27/opinion/stimulus-pandemic-rescue.html?searchResultPosition=1 13: https://www.nytimes.com/2014/07/07/opinion/paul-krugman-conservative-delusions-about-inflation.html?searchResultPosition=9 14: CBO: U.S. federal debt to exceed size of economy before Biden stimulus is approved - The Washington Post Debt (Page 3): https://www.cbo.gov/system/files/2021-02/56970-Outlook.pdf 15: https://www.nytimes.com/2021/01/27/opinion/stimulus-pandemic-rescue.html?searchResultPosition=1 16: https://fred.stlouisfed.org/series/NGDPPOT 17: https://www.nytimes.com/2021/01/27/opinion/stimulus-pandemic-rescue.html?searchResultPosition=1 Extra Sources: https://www.newyorkfed.org/markets/primarydealers.html https://www.visualcapitalist.com/currency-and-the-collapse-of-the-roman-empire/#:~:text=Hyperinflation%2C%20soaring%20taxes%2C%20and%20worthless,any%20meaningful%20medium%20of%20exchange. Famous Myths of "Fiat Money" https://appropriate-economics.org/materials/famous_myths_of_fiat_money.pdf https://www.economist.com/free-exchange/2017/09/22/bitcoin-is-fiat-money-too https://www.economist.com/finance-and-economics/2004/02/26/heading-for-a-fall-by-fiat https://www.economist.com/finance-and-economics/2009/08/13/law-of-easy-money https://krugman.blogs.nytimes.com/2015/02/10/theres-something-about-money-implicitly-wonkish/?searchResultPosition=1 https://takingnote.blogs.nytimes.com/2013/04/11/the-price-of-gold-and-ron-paul/?searchResultPosition=3 https://www.nytimes.com/2011/02/10/business/economy/10fed.html?_r=0 https://www.nytimes.com/2013/06/23/business/the-federal-reserves-framers-would-be-shocked.html?searchResultPosition=28 https://www.businessinsider.com/deutsche-bank-end-of-fiat-money-2017-11?r=DE&IR=T https://www.bloomberg.com/opinion/articles/2021-01-25/the-dollar-s-crash-is-only-just-beginning?utm_campaign=instagram-bio-link&utm_medium=social&sref=2o0rZsF1&utm_source=instagram&utm_content=business https://www.cbo.gov/system/files/2020-03/56165-CBO-debt-primer.pdf https://www.crfb.org/blogs/feds-effect-deficits-and-debt http://www.crfb.org/blogs/fed-buying-our-new-debt#:~:text=The%20remaining%20debt%20(13%20percent,its%20ownership%20of%20U.S.%20debt. ▬▬▬▬▬▬▬▬▬ Subscribe ENDEVR for free: https://bit.ly/3e9YRRG Join the club and become a Patron: https://www.patreon.com/freedocumentary Facebook: https://bit.ly/2QfRxbG Twitter: https://bit.ly/2QlwRiI ▬▬▬▬▬▬▬▬▬ #FreeDocumentary #ENDEVR #FiatMoney ▬▬▬▬▬▬▬▬▬ ENDEVR explains the world we live in through high-class documentaries, special investigations, explainers videos and animations. We cover topics related to business, economics, geopolitics, social issues and everything in between that we think are interesting.