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What is fiat money?

Fiat money is currency backed by the public's faith in the government or central bank that issued it. It is the standard throughout most of the world. Unlike commodity currency, which is linked to commodity prices such as gold or silver, fiat money has no intrinsic value.

How did the fiat currency become a currency?

Thus the fiat currency was born. In 1933, FDR began fiddling with gold reserve requirements. He suspended the gold standard except for foreign exchange, revoked it as the universal legal tender for debts, and banned private ownership of significant amounts of gold coins.

When did the US dollar become a fiat currency?

These were all partial measures that set the trend in motion for separating our currency from gold. The final move to turn the US dollar into a complete fiat currency was made by President Nixon in 1971 when he canceled the direct convertibility of the US dollar into gold.

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