Fiat money refers to a type of currency that holds value because a government declares it as legal tender, rather than being backed by a physical commodity like gold or silver. Most modern economies ...

Fiat currencies are issued and regulated by a country’s central bank but are not backed by a commodity like gold. Fiat currency is a type of money that is created by a government and is not backed by ...

News that Elon Musk is calling our system of fiat money a “scam” certainly puts a spring in our step. It’s nice to have the wealthiest man in the world plunging into the debate over monetary reform.