OP-ED: Common misconceptions about fiat currency
Editor Note: This is the first part of a three-part op-ed regarding money. There are some common misconceptions about today’s money. One is that our currency is backed by the gold in Fort Knox and we can exchange our dollars for gold. Another is that money, somehow magically, comes from government and that the government has to bring money into being before the society can start utilizing the “wealth” that the government creates. But what actually constitutes something as money? […]