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paddy hirsch
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Fiat Money, explained

December 8, 2013 2:22 349

Your dollar isn’t worth the paper it’s written on. Literally. There’s nothing backing your dollars, euros or yen, nothing but the promise that the note your holding will be able to buy the same amount of goods tomorrow that it buys today.
That’s fiat money Fiat money is a government-issued currency that is not backed by a physical commodity but rather by the government that issued it. Fiat money is a government-issued currency that is not backed by a physical commodity but rather by the government that issued it.Learn more, and here’s an explainer.

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