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Debate: Fiat currency

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Should fiat currencies be eradicated?

Background and context

The terms fiat currency and fiat money relate to types of currency or money whose usefulness results not from any intrinsic value or guarantee that it can be converted into gold or another currency, but instead from a government's order (fiat) that it must be accepted as a means of payment.

This debate asks if fiat-currency should be used.

Some content for this introduction is taken from Fiat currency at Wikipedia.

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Do Fiat currencies increase the possibility of hyperinflation?

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Yes

  • Commodities can not be artificially inflated. Commodities such as gold are very unlikely to experience a massive increase in quantity, but it is very easy to increase the amount of paper money, and when the amount of money increases, inflation will increase.




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No

  • Inflation can also occur in commodity backed currency. In commodity backed currency, hyperinflation can easily occur when a large reserve of the commodity is discovered.
  • There is no issue with well managed fiat currencies. If a fiat currency is well managed, there will be no risk of hyperinflation.




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Yes

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No

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Yes

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No

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