It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
originally posted by: TheConstruKctionofLight
a reply to: xSEEKxNxSTRIKEx
but its the fact a state body is recognising something that is not real!
You and the State transact with that unreal money in your pocket, that has far wider consequences in your life than whats written on a drivers license.
Fiat money has been defined variously as: Any money declared by a government to be legal tender. State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard. Intrinsically valueless money used as money because of government decree. While gold- or silver-backed representative money entails the legal requirement that the bank of issue redeem it in fixed weights of gold or silver, fiat money's value is unrelated to the value of any physical quantity. A coin is fiat currency to the extent that its face value, value defined in law, is greater than its market value as metal.