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Patrick Elliott wrote:
> I actually looked up the definition of "fiat currency", not fiat in
> general, and the definition given was a bit less specific as to what it
> meant,
Googling "define:fiat currency" gives a number of essentially identical
definitions that basically say "value set by the government."
http://www.google.com/search?q=define%3Afiat+currency
> currency representing a value, where the value itself was not *in* the
> material it was made of.
Initial fiat currencies were established by taking away the gold and saying
"this paper is worth X ounces of gold." It was only later that the pretense
of having something whose value would be recognised even without the
government's authority to tax came into play. So I can totally see a
definition like that being reasonable.
--
Darren New, San Diego CA, USA (PST)
"How did he die?" "He got shot in the hand."
"That was fatal?"
"He was holding a live grenade at the time."
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