Massachusetts 1690: The First Western Fiat Experiment

When the Massachusetts colony issued its own unredeemable paper money in 1690, it was with the promise that it would soon be redeemable in specie. Like all paper money issued by government, it lost value and the confidence of the people.

IPAK-EDU is grateful to Mises Institute as this piece was originally published there and is included in this news feed with mutual agreement. Read More

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