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Why Money Is Worth Anything
Your money isn't backed by gold. It's backed by everyone agreeing not to ask what's underneath.
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Barter
Barter is a system of exchange where people trade goods or services directly for other goods or services without using money.
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Gold Standard
A gold standard is a monetary system where the basic unit of currency is defined as a fixed quantity of gold.
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Fiat Currency
Fiat currency is money issued by a government that is not backed by gold, silver, or any other physical asset.
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Central Bank
A central bank is a financial institution that manages the monetary policy of a country or monetary union.
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US Dollar
The US dollar is the official currency of the United States and the primary currency used in global trade and finance.
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Inflation
Inflation is a general rise in the average price of goods and services across an entire economy.
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Bretton Woods system
Learn how the Bretton Woods system pegged global currencies to the US dollar and gold, why it collapsed in 1971, and how it shaped modern finance.