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Politics : The Obama - Clinton Disaster
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To: Wayners who wrote (10029)3/27/2009 1:23:38 PM
From: DuckTapeSunroof  Read Replies (2) of 103300
 
Re: "What exactly is a hard fiat currency? Sounds like an oxymoron to me."

Sounds like one to me, too. (I've never heard the phrase: "hard fiat currency", but if someone is using it I can guess at what they must be meaning.)

'Fiat currency', (as you know) is any currency that is unbacked... there are not hard assets pledged to support it (currency is not freely convertible into, say... gold or silver at a fixed exchange ratio as the US Dollar *used* to be.)

As far as I know ALL modern national currencies are not 'fiat currencies'. The world long ago shifted to 'fractional reserve banking' where only a small fraction of hard assets are maintained to (theoretically) provide a 'backing' for the paper currency. (Like, say, the gold in Fort Knox.... ;-)

Now... a 'hard fiat currency'???????

I can only guess that that would be a RELATIVE term. Referring to a currency which has maintained it's value relatively better then *other* fiat currencies have.

So... 'hard' only by comparison to other, weaker, currencies.
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