Inconvertible paper money made legal tender by a government decree.
- On the other hand, they were resolutely opposed to government-issued paper money, fiat money, legal tender laws, inconvertible paper currency, and land banks.
- Then, add fiat money and foreign exchange controls to the mix and it's no wonder investors and the press get so mixed up.
- Among the most gruesome consequences of fiat money, and of paper money in particular, is its ability to extend the length of wars.
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