In 1729, the French philosopher Voltaire wrote: ‘All paper money returns to its intrinsic value: zero.’
Since then, over 500 fiat currencies have become worthless. The only surviving currency from that time is the British Pound which originally got its name because it was worth a pound of silver.
Today a pound of silver is worth 214 British Pounds.
Already a subscriber? Log in
Subscribe for just $2 a week
Try a month of The Spectator Australia absolutely free and without commitment. Not only that but – if you choose to continue – you’ll pay just $2 a week for your first year.
- Unlimited access to spectator.com.au and app
- The weekly edition on the Spectator Australia app
- Spectator podcasts and newsletters
- Full access to spectator.co.uk
Or
Comments
Don't miss out
Join the conversation with other Spectator Australia readers. Subscribe to leave a comment.
SUBSCRIBEAlready a subscriber? Log in