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[mainiac]

Yep, unbacked (or fiat) currency causes lots of problems for economies when it isn't balanced correctly.

That is, of course, the root of our current economic crisis. Just put everyone back on the silver standard!

You are either a freaking moron who knows nothing about modern economics or I am a damp rag who knows nothing about sarcasm.

Fiat currencies have a great track record.  The failures of fiat currency were always related to economic events that would produce the exact same failure on a metal based currency.  Even within american history is a perfect example; the 13 colonies experienced hyper inflation after independence, this was only kept in line by the widespread availability of spanish money.

The current economic crises has nothing to do with fiat currency.  Saying so is a bunch of libertarian bullcrap.

[Antioch]

Hyperinflation in Zimbabwe has persisted since the early 2000s, shortly after that country's confiscation of white-owned farmland and its repudiation of debts to the International Monetary Fund. Recent figures (as of 14 November 2008) estimate Zimbabwe's annual inflation rate at 89.7 sextillion (1021) percent (i.e. prices double every 24.7 hours). [1]

ouch

[Yanlin]

Can't they just pull a hard reset?

[ToonyMan]

F7!

[qwertyuiopas]

A+B+START+SELECT!
Or if that fails, ↑↑↓↓←→←→BA
Or curse the ‼carp‼ that have been eating the coin stack overflow...

[pokute]

Can't they just pull a hard reset?

You mean MAGMA?

[Strife26]

Yep, unbacked (or fiat) currency causes lots of problems for economies when it isn't balanced correctly.

That is, of course, the root of our current economic crisis. Just put everyone back on the silver standard!

You are either a freaking moron who knows nothing about modern economics or I am a damp rag who knows nothing about sarcasm.

. . .

The current economic crises has nothing to do with fiat currency.  Saying so is a bunch of libertarian bullcrap.

Yes, that was in fact sarcastic. I'll also put in a pitch for literal six day creation here.

I'd say that Zimbabwae's economic crisi is in large part due to fiat money. The advantage of backed currency is that you CAN'T print more money than wealth is available.

Unbacked currency may not have cuased most economic meltdowns, but it sure doesn't help.

Also, the young US went to unbacked currency during the Revolutionary war, if I recall.

[Sir_Geo]

yup, and with similiar results. Some people used it as wallpaper and some had to basically take wheelbarrows of the stuff to buy anything (if the store owner even accepted the bills)

[mainiac]

Also, the young US went to unbacked currency during the Revolutionary war, if I recall.

No, it was still backed by gold.  Over printing is a problem whether you have a gold standard or fiat.  In fact, it's a much bigger problem if you have a gold standard.  Currently, over printing is one of the few tools the Fed has at it's disposal to fight deflation.  If we were on a gold standard, this wouldn't be an option, condemning us to either rampant deflation (like the great depression) or the collapse of the dollar abroad.