3 ms·
Backed by fiat. I mean, the US has got some really sharp and explodey fiat, arguably the most fiat fiat in the world. But we stopped pretending it was backe
by rout39574 4y ago
Backed by fiat.
I mean, the US has got some really sharp and explodey fiat, arguably the most fiat fiat in the world. But we stopped pretending it was backed by anything else in the 70s.
- Swenrekcah 4y agoIt isn’t backed by fiat. Fiat isn’t a thing, it is a description. USD is fiat money, built on trust sure, but in practice backed by the wealth and power of the United States.
- johnnymorgan 4y agoNice circular logic there