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Fiat money   /fˈaɪæt mˈəni/   Listen
noun
Fiat  n.  
1.
An authoritative command or order to do something; an effectual decree. "His fiat laid the corner stone."
2.
(Eng. Law)
(a)
A warrant of a judge for certain processes.
(b)
An authority for certain proceedings given by the Lord Chancellor's signature.
Fiat money, irredeemable paper currency, not resting on a specie basis, but deriving its purchasing power from the declaratory fiat of the government issuing it.





Collaborative International Dictionary of English 0.48


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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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