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Fiat money originated in colonial America, with Massachusetts being the first colony to issue it as 'bills of credit' in 1690. To instill confidence in this paper currency, governments burned tax bills collected from the public to prove scarcity and maintain value. This practice involved public events showcasing

This article discusses the historical context of fiat money, particularly its origins in colonial America, where bills of credit were periodically burned to reinforce their value. Colonial governments aimed to instill public trust in paper currency by demonstrating fiscal responsibility through what was termed a 'bonfire of the bills.

This article discusses the historical and modern significance of burning bills of credit, a practice initiated in colonial America to instill value in fiat money. The Massachusetts colony was the first to introduce fiat money in 1690, with governments periodically burning the tax revenue in a public display to create

Fiat money, first invented in colonial America, gained value as colonial governments periodically burned their tax revenues to demonstrate scarcity. Massachusetts initiated fiat money as 'bills of credit' in 1690, which were circulated as substitutes for scarce metal coins. To instill trust in this paper currency, colonial legislatures

Fiat money, first introduced in colonial America, relied on periodic burning of tax revenue to maintain its value. Paper money, while existing since 11th-century China, was considered truly valuable only as metallic coins by colonial Americans. The Massachusetts colony is credited with inventing fiat money in 1690, referring to their

Core Scientific shareholders have rejected a proposed $9 billion all-stock merger with AI computing firm CoreWeave, ending discussions that began in July. During a special meeting, the required votes for approval were not met. Core Scientific, a leader in digital asset mining and digital infrastructure, announced that while the merger