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Impressions Create Everything. The second type of money is  fiat money , which does not require backing by a physical commodity. Instead, the value of fiat currencies is set by supply and demand and people's faith in its worth. Fiat money developed because gold was a scarce resource, and rapidly growing economies growing couldn't always mine enough to back their currency supply requirements. 3 For a booming economy, the need for gold to give money value is extremely inefficient, especially when its value is really created by people's perceptions. Fiat money becomes the token of people's perception of worth, the basis for why money is created. An economy that is growing is apparently succeeding in producing other things that are valuable to itself and other economies. The stronger the economy, the stronger its money will be perceived (and sought after) and vice versa. However, people's perceptions must be supported by an economy that can produce the products and ser...
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  Bank of England to stay in emergency mode until recovery ensured, says Governor. The Bank of England will stick with its emergency policy setting until it is sure the economy’s recovery from the Covid-19 slump is more than a summer bounce, Threadneedle Street’s governor has said. Andrew Bailey told a symposium of fellow central bank governors that the Bank’s decision to “act big and act fast” during the early stages of the pandemic had proved an effective response to the market panic and economic lockdown. He said that the Bank’s nine-strong monetary policy committee would need a “stronger-than-usual body of evidence” before it would consider removing any of the stimulus provided over the past six months. Bailey, making a virtual appearance at the Jackson Hole gathering of central bankers, said the Bank would not raise interest rates or sell the assets it had purchased under its bond-buying programme, known as quantitative easing, until there was “significant progress” in elimina...
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