Functions Of Money, Economic Lowdown Podcasts
Paper money acts as a storage medium for purchasing power and an alternative to the barter system. It allows people to buy products and services as they need without having to trade product for product, as was the case with barter trade.
A military expedition against the Iroquois had gone badly and tax revenues were down, reducing government money reserves.
The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold.
Fiat money originated in 11th century China, […]