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by Lawrence W. Reed at CDN -

Not so long ago, when the dollar was “as good as gold” and so were many other currencies, economists spoke of paper money that wasn’t connected to a precious metal as “irredeemable,” “inconvertible,” “unbacked” or “fiat.” None of those adjectives were complimentary. The world is now accustomed to paper money …

Click to read the rest HERE-> What China’s Hyperinflation in the 1940s Can Teach Americans first posted at Conservative Daily News