coaster
Senior Advisor
Cash: $ 1357.20
Posts: 6683
Joined: 11 Oct 2005
Location: Wisconsin
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Your definition of hard currency is incorrect. A hard currency is a currency that is asset-backed. That is the strict dictionary definition. And the classical economic definition. There is at present no national currency that is a hard currency. All currencies are fiat currencies. Therefore I find it very interesting that the very definition of hard currency has changed to fit the times. Pretty much all the "modern" sources (internet-based for the most part): Investopedia, Wikipedia, TheFreeDictionary, define it as you have defined it. This is not a good omen for any national currency to be any kind of a store of value or haven of confidence in bad economic times. All currencies today are only as "hard" as they are perceived to be. Their "hardness" is a fiction, and the relative hardness of any currency is only insofar as its fiction is most widely believed to be fact. In other words, money is a mass delusion, having value only insofar as the mass continues to be deluded.
"Extraordinary Popular Delusions and the Madness of Crowds" now applies to money as well as to tulips.
~Tim~
Eye Candy : Why Whimsy
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