|Thai Theravada monks (HuwPenson/flickr)|
- greed (craving)
- anger or fear (aversion)
- delusion (ignorance).
|This paper bill used to be as valuable as gold.|
Having gone off the gold standard, our currency is now “fiat money,” meaning that the value is established purely by government whim or fiat.
- The gold standard is a system that depends on a fixed amount of gold. Each paper unit is redeemable for gold at any time. Fiat money means nothing is backing it except the promise of a government that it has value. This is a lot less stable but a lot cheaper, so now nearly all countries use the fiat or "because I say so" method of printing money. U.S. Pres. Nixon took the U.S. off the gold standard in 1971.
|How a non-profit in India is fighting corruption [bribes] with fake money (pri.org)|
Stock certificates, bonds, notes, and bills were often printed with all kinds of elaborate borders, seals, watermarks, and decorations.
This served a utilitarian purpose, making forgery difficult, but it had a more important symbolic function: Much like ritual in religion, it worked to awe observers. Something special is happening here. It wasn’t long before these pieces of paper were trading for more than their book-value. More