Currency backed by a tangible good
A fiat currency puts the wealth of a nation solely on their economic growth and not some mine in Africa.
one also has to realise the secret truth. the fact of the matter is that our military finically backs our currency. The $20-100 dollars you have in your wallet is backed by an F-16 an M1 Tank and a whole platoon of soldiers with M-4 carbines. Not to mention that the second admendent makes certain that anyone who is willing to invade this country better make sure they bomb every square inch of terriorty first before placing there shadow on our soil.
its the only way to show that your curency is worth anything
Fiat currencies are not sustainable.
All fiat currencies in history that were not backed by a tangible asset such as gold or silver (it could be something else as well) have collapsed. If a country is willing to accept this and live in the short term, then it is perfectly acceptable to support your currency with the hopes, prayers and promises of the politicians and centralized bankers. I wonder if humans will ever learn from history...
Printing money is stealing.
If labor counts as tangible...Fiat currency is designed to crash and burn.
As long privatized banks can print money on the basis of other things of value so they compete.