economics Tag

What is Fiat Currency? Definition: fi·at [fee-aht, -at; fahy-uh t, -at] noun: fiat; plural: fiats A formal authorization or proposition; a decree. "The King ruled by fiat”, “A political union imposed through imperial fiat”   An arbitrary order. “By royal fiat” Fiat currency defined: Fiat currency is legal tender, not backed by collateral...