Paper problem term

Search Definition of fiat money Paper money or coins of little or no intrinsic value in themselves and not convertible into gold or silver, but made legal tender by fiat order of the government. To place it into historical context, one could think of three phases concerning the development of money. First, money itself was a valuable object, such as gold, fur or peppercorns. Second, paper money circulated, but this money was backed up by holdings of gold, and indeed could be converted into gold at a fixed price at any time.

Paper problem term

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Fiat Money Definition from Financial Times Lexicon

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Paper problem term

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Paper problem term

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