{"id":37870,"date":"2017-07-12T07:54:03","date_gmt":"2017-07-12T06:54:03","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=37870"},"modified":"2017-07-12T07:56:58","modified_gmt":"2017-07-12T06:56:58","slug":"let-there-be-money","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/07\/12\/let-there-be-money\/","title":{"rendered":"Let there be money"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.progressivepulse.org\/economics\/basic-econimics\/what-is-fiat-money\/\" target=\"_blank\" rel=\"noopener noreferrer\">Progressive Pulse blog had a really useful post by Charles Adams yesterday <\/a>asking two questions. The first is what is fiat money, which is the type we use? And second,\u00a0 how to maintain confidence in the fiat money system? I strongly recommend the post, but could not resist sharing its opening:<\/p>\n<blockquote><p><strong>What is fiat money?<\/strong><\/p>\n<p>Fiat means \u2018<em>let it be<\/em>\u2018 or\u00a0<em>\u2018let there be\u2019<\/em>. In the bible, God says\u00a0<em>\u2018Fiat lux\u2019<\/em>\u2014 let there be light. The Lord\u2019s prayer says,\u00a0<em>\u2018fiat voluntus tua\u2019<\/em>\u00a0\u2014 thy will be done! In a sovereign country, the Sovereign says\u00a0<em>\u2018Fiat money\u2019<\/em>\u00a0\u2014 let there be money. In a democracy, the Sovereign is the state which means all of us. We say let there be money and there is!<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2017\/07\/12\/let-there-be-money\/screen-shot-2017-07-12-at-07-53-19\/\" rel=\"attachment wp-att-37873\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-37873\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19-550x428.png\" alt=\"\" width=\"550\" height=\"428\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19-550x428.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19-386x300.png 386w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19-768x597.png 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19-289x225.png 289w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19-170x132.png 170w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/07\/Screen-Shot-2017-07-12-at-07.53.19.png 1734w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/p>\n<p>Illustrated by\u00a0<a href=\"https:\/\/www.cohenbaum.com\/\">Cohenbaum<\/a>.<\/p><\/blockquote>\n<p>It's almost back to the theme of<a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2017\/07\/11\/economics-as-religion\/\"> economics as religion<\/a>, and in a very real sense it is. Fiat money has value because we believe in it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Progressive Pulse blog had a really useful post by Charles Adams yesterday asking two questions. The first is what is fiat money, which is<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/07\/12\/let-there-be-money\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-37870","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/37870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=37870"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/37870\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=37870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=37870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=37870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}