Money on wheels..!!! the first thought came to my mind after hearing the term..:-).
Fiat Money = Money
Confused ? have a look on the literal definition
" Money which has no Intrinsic value and cannot be redeemed for specie or any commodity but is made a legal tender through government decree."
So, at present, all currency notes and coins are Fiat Money, isn't it.
P.S. Specie: Money with intrinsic value e.g. Gold and Silver coins.
1 comments:
Good info, thanks.
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