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Fiat money   /fˈaɪæt mˈəni/   Listen
Fiat money

noun
1.
Money that the government declares to be legal tender although it cannot be converted into standard specie.





WordNet 3.0 © 2010 Princeton University


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"Fiat money" Quotes from Famous Books



... were at a discount of 80 per cent.; the others at 75 per cent, and 50 per cent., and metallic money disappeared to such an extent that paper had to be used to replace copper coin. The depreciation of fiat money raised the price of everything; this superficial occurrence was looked upon as a real increase, and gave rise to all the consequences that a general inflation of value could produce. This mistake on the subject of artificial wealth made landed ...
— A Brief History of Panics • Clement Juglar


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