Without decentralisation or a credible link to oil, the petro is just an unbacked currency issued by Venezuela's discredited government.
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Taking the suggestion of an Illinois businessman, President Lincoln convinced Congress to approve a plan for issuing unbacked paper currency in 1862.
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By the 1860s, the federal government launched its first major experiment with unbacked fiat paper currency in a bid to fund the Civil War.
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The bank was supposed to back its receipts with 100 percent coins, but the bank secretly started issuing unbacked receipts in the form of loans and account overdrafts.
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In 743 and 2018, it claims, Tether issued "extraordinary amounts" of unbacked coins to flood Bitfinex, propping up demand for Bitcoin and creating "the largest bubble in human history".
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It could be pure coincidence that an influx of over $87 million in potentially unbacked coins was created around the same time the value of almost every one of the top 100 coins began increasing.
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While this was not an easy decision, it became clear that the bill would not have the support it needed today, and manufacturers had sown enough doubt with vague and unbacked claims of privacy and security concerns.
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Update 4/30/19, 5:22 pm: The bill has been pulled by its sponsor, Susan Talamantes-Eggman: "It became clear that the bill would not have the support it needed today, and manufacturers had sown enough doubt with vague and unbacked claims of privacy and security concerns," she said.
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A blast at tycoons who "corner the money of the world", Bryan's address ended with a call to issue dollars unbacked by gold—understood by his audience as a cry to let the dollar depreciate, slashing the real value of debts that, in his words, pressed a "crown of thorns" on workers' brows.
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"While this was not an easy decision, it became clear that the bill would not have the support it needed today, and manufacturers had sown enough doubt with vague and unbacked claims of privacy and security concerns," said California Assembly member Susan Talamantes Eggman, who first introduced the bill in March 2018 and again in March 2019.
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New York: Funk and Wagnalls, 1908; pp. 562-563. This inevitably depreciated the value of the unbacked currency when circulated side-by-side with fully functional gold-backed notes, the Greenback movement argued. Moreover, this differential in values was exploited by speculators, who purchased unbacked currency at a severe discount with gold-backed notes and then pressured Congress into redemption of the same at a 1-to-1 rate — thereby netting the speculator a tidy profit. The Greenback Party of 1876 drew the support almost exclusively from farmers — few urban workmen cast ballots for the Greenback ticket.
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Gilman succeeded in commanding 1300 subscribers at the peak of the magazine's circulation, equalling around 6500 readers. The magazine was unbacked by advertisers and paid for by Gilman herself. It was published once a month, costing a dollar per year. The magazine ceased publication in 1916.
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As a consequence, the Bakufu lost the major profit source of recoinage (seigniorage), and was forced to issue unbacked paper money, leading to major inflation. This was one of the major causes of discontent during the Bakumatsu period, and one of the causes of the demise of the shogunate.
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Even more so than hyperinflation, chronic inflation is a 20th-century phenomenon, being first observed by Felipe Pazos in 1972.Pazos, Felipe; Chronic Inflation in Latin America (Präger Special Studies in International Economics and Development); High inflation can only be sustained with unbacked paper currencies over long periods, and before World War II unbacked paper currencies were rare except in countries affected by war – which often produced extremely high inflation but never for more than a few years. Most economists believe chronic inflation first emerged in Latin America following World War II, with the result that it was originally called "Latin inflation".Maier, Charles S.; In Search of Stability: Explorations in Historical Political Economy; pp. 206–210.
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A bow from the Seneca was donated to the Smithsonian Institution in 1908.Smithsonian Institution, Deparetment of Anthropolgy, Catalogue Number E-248722. It is made of unbacked hickory, and is 56.25 inches tip to tip. Although the string is missing for the specimen, when strung it would make a good "D" shape with slightly recurved tips, and was obviously made for bigger game.
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A neck seal, wrist seal, manual vent, inflator, zip and fabric of a neoprene dry suit. The soft seal material at the neck and wrists is made from single backed closed-cell foam neoprene for elasticity. The slick unbacked side seals against the skin. The blue area is double-backed with knit nylon fabric laminated onto closed cell foamed neoprene for toughness.
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The issue was over what would back the US currency. The two options were: gold (wanted by the Goldbugs and William McKinley) and silver (wanted by the Silverites and Bryan). Unbacked paper (wanted by the Greenbacks) represented a third option. A fourth option, currency backed by land value, was advocated by Senator Leland Stanford through several Senate bills introduced in 1890-1892, but was always killed by the Senate Finance Committee.
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110 The provincial assembly generally dominated affairs, led by fiscally conservative leaders such as House Speaker Thomas Hutchinson who were opposed to the inflationary issuance of paper money.Pencak, p. 129 Phips implemented currency reforms advocated by Hutchinson to finally settle the province's longstanding problems with inflationary paper currencies. In 1751 he signed legislation authorizing the exchange of the province's unbacked paper currency for silver-based currency, and vetoed an attempt to issue paper currency.
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The Specie Payment Resumption Act of January 14, 1875 was a law in the United States that restored the nation to the gold standard through the redemption of previously-unbacked United States Notes and reversed inflationary government policies promoted directly after the American Civil War. The decision further contracted the nation's money supply and was seen by critics as an exacerbating factor of the so-called Long Depression, which struck in 1873.
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The U.S. dollar was in turn fixed to gold. In 1971 the U.S. government suspended the convertibility of the U.S. dollar to gold. After this many countries de-pegged their currencies from the U.S. dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment. According to proponents of modern money theory, fiat money is also backed by taxes.
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The last Yuan ruler Toghan Temür (r. 1333–70) was powerless to regulate those troubles, a sign that the empire had nearly reached its end. His court's unbacked currency had entered a hyperinflationary spiral and the Han-Chinese people revolted due to the Yuan's harsh impositions. In the 1350s, Gongmin of Goryeo successfully pushed Mongolian garrisons back and exterminated the family of Toghan Temür Khan's empress while Tai Situ Changchub Gyaltsen managed to eliminate the Mongol influence in Tibet.
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Its financiers bought up two-fifths of a 15 million dollar loan in early 1861.Weigley, p. 69 The two main types of loans issued by the South during the war were "Cotton Bonds", denominated in pounds sterling and sold in London, and high risk unbacked loans sold in the Netherlands. The Cotton Bonds were convertible directly into bales of cotton, with a caveat, included as a means of political pressure on European countries to recognize the Confederacy, that any such shipments needed to be picked up by the bondholder in one of the blockaded Southern ports (mostly New Orleans).
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Kleppner, "The Greenback and Prohibition Parties," pp. 1555-1556. Pressure was placed on Congress to alleviate the business crisis through reinflation of the currency, pitting railroad promoters and the iron industry against Eastern bankers and the merchant elite, who favored a stable, gold- based currency.Kleppner, "The Greenback and Prohibition Parties," pp. 1556. Although those favoring currency expansion won the day in Congress, which passed an Inflation Bill calling for a $46 million boost in output of National Bank notes that would raise the ceiling on unbacked currency back to $400 million, the legislation was vetoed by President Grant on April 22, 1874.
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The party's platform focused upon repeal of the Specie Resumption Act of 1875 and the renewed use of non-gold-backed United States Notes in an effort to restore prosperity through an expanded money supply. The convention nominated New York economics pamphleteer Peter Cooper as its Presidential standard-bearer. Cooper declared to the convention: The Greenback movement argued that the previous effort of using an unbacked currency had been sabotaged by monied interests, which had prevailed upon Congress to restrict the functionality of the notes — declaring them unsuitable for the payment of taxes or national debt.William D.P. Bliss and Rudolph M. Binder (eds.), The New Encyclopedia of Social Reform.
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Marks, "Reparations in 1922," pg. 68. In the meantime, German authorities attempted to raise the foreign currency necessary for reparations by dumping paper currency unbacked by gold on the market, triggering a hyperinflation paralyzing the country's economy, which had a desired subsidiary effect of helping make the case that the current schedule of reparations was untenable. It was hoped by Germany, Britain, and the United States and feared by France that the Genoa Conference would provide an opportunity for downward revision of the reparations schedule set forth by treaty.Manfred Berg, "Germany and the United States: The Concept of World Economic Interdependence," in Carole Fink, Axel Frohn, and Jürgen Heideking (eds.), Genoa, Rapallo, and European Reconstruction in 1922.
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In August 2009, an article in the Swedish tabloid Aftonbladet alleged that Israeli troops harvested organs from Palestinians that died in their custody. Henrik Bredberg wrote in the rival newspaper Sydsvenskan: "Donald Boström publicised a variant of an anti-Semitic classic, the Jew who abducts children and steals their blood.""Israeli and Swedish on organ row". BBC News, 24 August 2009 In a video on their website, Time magazine quoted the 2009 Swedish Aftonbladets unbacked variant of the classic antisemitic blood libel accusation as fact and retracted the allegations that Israeli soldiers had harvested and sold Palestinian organs in 2009 within hours on 24 August 2014 after a denouncing report from Honest Reporting came out.
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Today, like the currency of most nations, the dollar is fiat money, unbacked by any physical asset. A holder of a federal reserve note has no right to demand an asset such as gold or silver from the government in exchange for a note. Consequently, some proponents of the intrinsic theory of value believe that the near-zero marginal cost of production of the current fiat dollar detracts from its attractiveness as a medium of exchange and store of value because a fiat currency without a marginal cost of production is easier to debase via overproduction and the subsequent inflation of the money supply. In 1963, the words "PAYABLE TO THE BEARER ON DEMAND" were removed from all newly issued Federal Reserve notes.
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Continued use of unbacked currency, it was believed, would better foster business and assist farmers by raising prices and making debts easier to pay. Initially an agrarian organization associated with the policies of the Grange, the organization took the name Greenback Labor Party in 1878 and attempted to forge a farmer–labor alliance by adding industrial reforms to its agenda, such as support of the 8-hour day and opposition to the use of state or private force to suppress union strikes. The organization faded into oblivion in the second half of the 1880s, with its basic program reborn shortly under the aegis of the People's Party, commonly known as the "Populists." Later, during the early 20th century, parts of the agenda from both parties were accomplished by the Progressives.
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I., page 470. With the Tian, Qian, and Yu banks acting as intermediaries, the government issued paper notes of Ministry of Revenue became convertible: they were linked to both the Daqian and a larger amount in unbacked official banknotes. During this era another type of banknote was also introduced known as the Yinpiao (銀票, "silver notes") or Yinchao (銀鈔, "silver notes") which were issued by the Ministry of Revenue and were commonly known as Hubu Guanpiao (戶部官票) for this fact. These silver notes were issued in denominations of values 1 tael, 3 taels, 5 taels, 10 taels, and 50 taels. These banknotes had a guideline written in both Manchu and Mandarin Chinese declaring that they had to be discounted by 2% when they exchanged into Beijing market silver and when counted against the Kuping tael, the Yinpiao notes were discounted at 6 per cent.
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During the American Civil War, Abraham Lincoln’s administration understood that the federal government would need millions of dollars to finance the war, and as the war dragged on, the government’s deficit and debt grew. It did not help that the previous administration, led by James Buchanan, left over $20 million budget deficit at the end of Buchanan’s term in 1861 as a result of a recession in 1857 that persisted throughout Buchanan’s term. More gold and silver left the nation to finance the war effort, reducing the nation’s resources in the long run, so Congress had metallic payments suspended in 1861 to stop the outflow. Lincoln and his Secretary of the Treasury, Salmon P. Chase, needed more loans to finance the war, but bankers, as a result of shaken public confidence, charged 24 percent in interests for the loans. As a solution, the government issued “demand notes”, or federal notes requesting for a certain amount of money to be redeemed in gold or silver. In 1862, the government issued “greenbacks”, which were unbacked notes that relied on government credit to retain value by themselves without the backing of metal.
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