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Fiat money is a type of government issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender , and is authorized by government regulation.
The assignats were immediately a source of political controversy. Constitutional monarchists such as Maury , Cazalès , Bergasse and d'Eprémesnil opposed it. While their proponents, like other eighteenth-century advocates of "land banks," argued that land was a more stable source of value than was gold or silver, the assignats' opponents saw ...
Internal public debt owed by a government (money a government borrows from its citizens) is part of the country's national debt. It is a form of fiat creation of money, in which the government obtains finance not by creating it de novo, but by borrowing it.
Fiat money, if physically represented in the form of currency (paper or coins), can be accidentally damaged or destroyed. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction.
Apart from cash, legal tender issued on the fiat of a sovereign government, [12] [13] examples of assets used as potential stores of value are: Financial assets, e.g. stocks, bonds and other fixed income investments, investment funds, private equity; Real estate, e.g. home-ownership, rental property, or through financial securities or ...
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M2: M1 + most savings accounts, money market accounts, retail money market mutual funds, and small denomination time deposits (certificates of deposit of under $100,000). In most countries the central bank, treasury, or other designated state authority is empowered to mint new physical currency, usually taking the form of metal coinage or paper ...