威尼斯人娱乐场

The Continental Dollar: How the American Revolution Was Financed with Paper Money

威尼斯人娱乐场 Museum
Online

The Continental Dollar is a revelatory history of how the fledgling United States paid for its first war. Farley Grubb upends the common telling of this story, in which the United States printed Continentals to serve as an early fiat currency鈥攁 currency that is not tied to a commodity like gold but rather to a legal authority. As Grubb details, the Continental was not a fiat currency but a 鈥渮ero-coupon bond鈥濃�攁 wholly different species of money. As bond payoffs were pushed into the future, the money鈥檚 value declined, killing the Continentals鈥� viability years before the Revolutionary War would officially end.