Sentences with phrase «unbacked paper»
And on Feb. 25, 1862, Congress passed the first Legal Tender Act, authorizing the issuance of $ 150 million in unbacked paper currency called United States Notes.
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The Euro is an experiment, but so is unbacked paper money.
Much as I favor deregulation, you can't do it if you have fiat money (unbacked paper money).
Talk about unbacked paper money, CP is unsecured by any assets of the company receiving the loan.
Not exact matches
But when new discoveries of gold are made, market participants do not begin to hoard paper or to set up printing presses for the issue of unbacked currency.