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Fiat Money |
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Fiat Money Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Notes: Most of the world's paper money is fiat money.Fiat money Nonconvertible paper moneyy. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Despite the fact that his own work detailed the pernicious influence a government can wield through the manipulation of fiat money (money not backed by precious metals), he often discussed the ways in which the Federal Reserve should handle monetary policy. Consequently, the nation no longer has commodity money (redeemable in gold or silver) but fiat money (redeemable in nothing). Sounds like an accurate critique of the fiat money system inflicted on our nation with the 1913 creation of the Federal Reserve System, doesn't it? |
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Fiat Money
