Changes

When the [[Federal Reserve]] deliberately [[prints money]] (often a cause of [[hyperinflation]]) to cover a persistent [[budget deficit]] without borrowing, this may be considered a devaluation. A steady insidious process of [[inflation]] is not considered a devaluation, although if a [[fiat currency]] has a high level of inflation, its value will naturally fall against [[gold]], [[silver]] or foreign currencies.  

When the [[Federal Reserve]] deliberately [[prints money]] (often a cause of [[hyperinflation]]) to cover a persistent [[budget deficit]] without borrowing, this may be considered a devaluation. A steady insidious process of [[inflation]] is not considered a devaluation, although if a [[fiat currency]] has a high level of inflation, its value will naturally fall against [[gold]], [[silver]] or foreign currencies.  

[[Category:Economics]]

[[Category : Economics]]