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At line 5 changed one line
[{$pagename}] does not have use value, and has value only because a [Government Entity] maintains its value, or because parties engaging in exchange agree on its value.
[{$pagename}] does not have use value, and has value only because a [Government Entity] maintains its value, or because parties agree on it as a [Medium of exchange] and to its value.
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[The History of Money|Money#section-Money-THEHISTORYOFMONEY] shows that [{$pagename}] first began to be used in [China] in the 11th century. Since then, it has been used by various countries, usually concurrently with commodity currencies. [{$pagename}] started to dominate in the 20th century. Since the decoupling of the [United States] dollar from gold by Richard Nixon in [1971|Year 1971], a system of national fiat currencies has been used globally.
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Fiat money first began to be used in [China] in the 11th century. Since then, it has been used by various countries, usually concurrently with commodity currencies. [{$pagename}] started to dominate in the 20th century. Since the decoupling of the [United States] dollar from gold by Richard Nixon in [1971|Year 1971], a system of national fiat currencies has been used globally.
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[Franklin Delano Roosevelt] he actually issued an executive order which made owning gold illegal and required everyone to convert it into us dollars.
[Franklin Delano Roosevelt] he actually issued an [Executive order] which made owning gold illegal and required everyone to convert it into us dollars.
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The reason that he did this was to set a government price for that gold that was quite inflated this would then allow the federal reserve to inflate its balnce sheet by over 70 percent.
The reason that he did this was to set a government price for that gold that was quite inflated this would then allow the federal reserve to inflate its balance sheet by over 70 percent.
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* [#3] - [Executive Order 6102|Wikipedia:Executive_Order_6102|target='_blank'] - based on information obtained 2021-10-16
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