One of the mysteries of the English language finally explained.
Inconvertible paper money made legal tender by a government decree.
- ‘Government control and fiat money are not necessary in order to produce ‘enough credit’ and ‘sufficient purchasing power.’’
- ‘Bastiat's solution no doubt rests in the true understanding of the nature of money by the citizens, the abolition of fiat money and central banks, and a return to commodity money such as gold and silver coins.’
- ‘Among the most gruesome consequences of fiat money, and of paper money in particular, is its ability to extend the length of wars.’
- ‘These arcane symbols and meaningless equations all led to the same policy conclusion: that the only way to stabilize the economy was for a monopoly central bank to create heaps upon heaps of paper fiat money.’
- ‘And yet this transformation has been endangered by the bane of all booms under fiat money: money and credit creation.’
- ‘The only thing worse, in Rothbard's estimation, was fixed exchange rates based on fiat money and international coordination.’
- ‘The source of this expansion process is the banking system: under the fraudulent system of fiat money and central banking, the central bank can create reserves by buying assets and paying for them with money created out of nothing.’
- ‘The central bank and fiat money are silent killers.’
- ‘Yet, even in the most comfortable scenario for the banks, i.e., the installation of a central bank and fiat money, there remains a limit which Huerta de Soto does not name: the risk of a hyperinflation.’
- ‘He makes the very important political point, that printing-press issues of fiat money were less harmful in the long run than monetized government debt and an inherently unstable banking system.’
- ‘Unfortunately, such ultrametallists as J. Laurence Laughlin were wrong; indeed, if fiat money could not continue indefinitely, I would not have to come here to plead for its abolition.’
- ‘On the other hand, they were resolutely opposed to government-issued paper money, fiat money, legal tender laws, inconvertible paper currency, and land banks.’
- ‘A monetary regime of uncontrolled fiat money and Credit requires strict central bank regulation of lending and speculative excess.’
- ‘The coming global financial failure may finally put an end to central bank created fiat money, and create the opportunity to return to Gold as the only secure base for money.’
- ‘Our 58-year transfer to fiat money (via the Federal Reserve from 1913 to 1971) was clearly not authorized by the Constitution.’
- ‘In a world of fiat money and a growing mountain of marketable securities, credit is virtually money, and certainly money is little more than credit.’
- ‘Samuelson concentrated on just one such asset, namely, green pieces of paper called fiat money, which provided no utility whatsoever and yet sold for a positive price.’
- ‘The problem, however, is that we are now tackling the problem in midstream, after the government has taken the dollar off gold, virtually nationalized the stock of gold, and issued dollars for decades as arbitrary and fiat money.’
- ‘One can distinguish between three types of money: commodity money, contract money, and fiat money.’
- ‘Then, add fiat money and foreign exchange controls to the mix and it's no wonder investors and the press get so mixed up.’
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