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Fiat money

The medium of exchange used as money is called the monetary standard. Such standards are of two types, commodity standards (precious metal) and noncommodity standards (paper, or so-called fiat money ). The term fiat money comes from the Latin fiatiot let there be, as in Fiat lux ( Letthctc be light ) in the Latin bible. Fiat money is paper transformed into money by the decree of the state. [Pg.50]

The fiat monetary standard grants the government the authority and power to treat paper money as legal tender, letting the quantity of legal tender increase... [Pg.52]

See other pages where Fiat money is mentioned: [Pg.51]    [Pg.53]    [Pg.51]    [Pg.53]    [Pg.67]    [Pg.50]    [Pg.51]    [Pg.51]    [Pg.3]   
See also in sourсe #XX -- [ Pg.50 , Pg.51 , Pg.52 , Pg.53 , Pg.54 ]



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