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Why the Dollar is not Fiat - Armstrong Economics
Only a floating exchange rate systemendsthe fiat. So yes – that means as long as the “paper” dollar floats in value on world markets, it is not actually fiat any more than Bitcoin trading. The term “fiat money” means an arbitrary order or decree declaring the valueto be fixed. The dollar was “fiat” when it was arbitrarily established by Roosevelt at $35 to the ounce of gold. Since 1971, the dollar floats and it is no longer fiat because that is the definition of a fixed arbitrary value.
Today. as long as a currency floats, it is not an arbitrary declaration of its value by the government and is therefore not “fiat” as popularly stated by the hard money crew