> Fiat money is money that some authority, generally a government, has ordered to be accepted as a medium of exchange. The core idea is that "some authority" d

> Fiat money is money that some authority, generally a government, has ordered to be accepted as a medium of exchange. The core idea is that "some authority" doesn't assign the value to the money but requires it to be accepted under penalty of the law. Usually, historically speaking, when a currency is separated from its underlying commodity by fiat it retains its value due to the fact that people have associated it with the value of the commodity -- up until the point "some authority" fires up the printing presses and the historic link is broken. Anyhoo, not that I'm disagreeing with you on principal it's just that "fiat currency" has a specific meaning that "some authority" has spent a lot of energy trying to disassociate it from.