Post
Topic
Board Economics
Re: Semantics of "fiat"
by
twiifm
on 08/02/2015, 15:18:53 UTC
I'm the long run USD is based on work.  Its backed by bonds which are debt to be paid by future earnings of the tax base.

The only way the issuer (US govt) can make good is if the USA has an adequate GDP when the bonds are due.  That's real work!

However, work in itself doesn't define whether something is fiat or not.  You have to look for intrinsic value.