Fiat money gold and silver coins from France. Eventually, the Governor of New France acknowledged their useful role as a circulating medium of exchange. As the finances of the French government deteriorated because of European wars, it reduced its financial support for its colonies, so the colonial authorities in Canada relied more and more on card money. By 1757, the government had discontinued all payments in coin and payments were made in paper instead. In an application of Gresham’s Law – bad money drives out good – people hoarded gold and silver, and used paper money instead. The costs of the war
The Most Good You Can Do Law School professor Eric Posner reviewed the book for "Slate Magazine", concluding: "So what’s an effective altruist to do? The utilitarian imperative to search out and help the people with the highest marginal utility of money around the world is in conflict with our limited knowledge about foreign cultures, which makes it difficult for us to figure out what the worst-off people really need.* For this reason, donations to Little League and other local institutions you are familiar with may not be a bad idea. The most good you can do may turn out to be—not much." Posner wrote a