| 单词 | fiat money |
| 释义 | fiat money Money which circulates only because the state says it shall. Originally money was accepted by users because it consisted of materials which were themselves valuable, such as gold or silver. Rulers originally stamped it into coins merely to certify their contents. Later the contents were decreased in value, and the state required coins to be accepted as worth more than their intrinsic value. Later still banknotes originally gave the holder the right to receive coin to the same face value on demand. Present-day money consists of paper notes with negligible intrinsic value, which is legal tender because the state says it shall be, or of book or computer entries, where the same comments apply. Modern money is fiat money. As its cost of production is negligible there is a great temptation to over-issue it, which many governments are unable to resist. Their subjects often prefer to use as a store of value objects such as gold or diamonds, which the government cannot debase because they cost real resources to produce. |
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