Hello and welcome to Broconomics. Now, as you know, I'm a diligent peruser of the comments under Broconomics.

And one of the themes that has been coming up a number of times is people have asked me to explain some of the basic terms that I use.

Because, of course, actually, it might not be clear to everybody, some of the more basic terms. So, I am your humble artisan,

and if my patrons demand it, then of course I shall provide. So in this episode, I'm going to

go through a hundred, fairly basic terms, explain what they are, how they work, and I will

elaborate to the appropriate minimum, but obviously I'm me so I can't

help myself from elaborating on one or two of them and explaining a little bit more. So

without further ado, let's dive into a hundred fairly basic terms and with appropriate elaboration

of course. Right. Okay. So first on my list is I've

got Fiat money. What is Fiat money? So this contrasts with the second term, which is commodity money.

So for a long time when people were given the choice of producing a money or using something for money. Many things

were tried, but ultimately it just went down to gold and silver and bronze because they were

portable, they were compact and they were sufficiently rare. And then you've got that separation,

the value bands between, say, copper, silver and gold. Fiat money is money that has its value, not because it is rare, it is actually infinite,

but because the government decrees that is money.

So fiat being, you know, by decree, that is what fiat money is.

So it is basically just paper money and there it is.

Commodity money we've explained.

That's what people would go to if it was not paper money.

Now paper money is prevalent in our modern age, of course.

In the past, paper money has been tried a couple of times and it's never lasted to the 50 year mark.

In our current iteration, paper money is about at the 50 year mark, so we will see if it will

...