Fiat money is backed by a country’s government instead of a physical commodity. With the rise of decentralised money systems such as cryptocurrencies, governments are being backed into a wall as they become powerless to stop people from transacting peer-to-peer.
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Near monies are relatively liquid financial assets that may be readily converted into M1 money. More specifically, near monies include savings deposits, small time deposits (less than $100,000) that become readily available at maturity, and money market mutual funds.
Rules and regulation have been unable to stop the widespread adoption of Bitcoin and other altcoins. At the time of writing, there are four types of money used by people worldwide to transact and store value. The adage that money can’t buy happiness is rubbish, considering that not having enough of it certainly can make a person miserable. Just ask anybody who hasn’t been able to pay their bills, or had to raid a change jar to buy milk or fuel.
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M1 is the narrowest measure of the money supply, including only money that can be spent directly. More specifically, M1 includes currency and all checkable deposits.
Currency refers to the coins and paper money in the hands of the public. Checkable deposits refer to all spendable deposits in commercial banks and thrifts. M1 captures the most liquid components of the money supply, including currency held by the public and checkable deposits in banks. Rare cases do people make money first, then achieve power. This includes any form of currency in circulation such as paper money or coins.