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2 days ago Both fiat and representative money are backed by something. Without any backing, they would be completely worthless. Fiat money is backed.

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Fiat currencies have no intrinsic value or they aren't a claim to anything instead But paper money was usually backed by gold, In the IMF was formed and.

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The global monetary system is what's called a Fiat system in which money is a Legal tender means that the money is backed by the full faith and credit of the.

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Fiat money is an intrinsically worthless object, such as paper money, that is Second, paper money circulated, but this money was backed up by holdings of.

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As valid currency solely by virtue of a government declaration, fiat money is not backed by any commodity, such as gold, but only by the faith of the bearer.

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Fiat money or fiat currency is any money that the government declares as legal tender. Also, this type of money is not backed by a physical commodity such as.

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