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Fiat currency is currency that is founded merely on government decree and cannot be converted to an asset such as gold and silver. Black’s Law Dictionary [Sixth Edition, 1991] defines “fiat” as an “A command or order to act. Arbitrary or authoritative order or decision.” “Fiat money” is likewise defined as, “inconvertible paper money made legal tender by a government decree.” Inconvertible to, for example, gold or silver. Made legal only by government decree. “Colored money”, i.e. money with the “deceptive appearance, assumed exterior, concealing a lack of reality.”<ref></ref>. It is any currency that is issued at will (usually by a government) without precious metals or other tangibles backing its value. (From the Latin “Let it be done.”)


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fiat_currency.txt · Last modified: 2020/03/12 18:34 (external edit)