How The Fiat System Works
ContentFiat Money Definition Characteristics, Examples, And AdvantagesPros Of Commodity MoneyFiat MoneyAdvantages And Disadvantages Of Fiat Money The term is, however, usually reserved for legal-tender paper money or coins that have face values far exceeding their commodity values and are not redeemable in gold or silver. Instead of having to carry around gold/silver/cigarettes we could carry paper backed by the government. Over time governments have been less willing to back up their fiat currency with gold or other...
