Cash Is a State-Backed Utility – Part 2

The first recorded use of fiat money was in 1000 AD in China, which in form was more like a state-backed note. It wasn't until the 10th or 11th century that fiat money gained momentum in China. First the Song dynasty, subsequently followed by the Yuan dynasty, institutionalized paper currency as a fiat of the state. The Song dynasty linked the value of fiat money to gold, silver and silk, or were effectively proponents of commodity money. By comparison, thanks largely to Genghis Khan’s writ, the subsequent evolution of ...

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