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Money that (a) derives its value entirely from the mandate of the government, and (b) cannot be freely traded. Fiat money is not the same thing as [floating currency], because if a [floating currency] is intrinsically worthless then its lack of worth will be reflected in the forex markets. Fiat money, on the other hand, does not require a disciplined monetary of fiscal policy on the part of the issuing [authorities]; exchange rates are fixed by decree, which means the state also controls supplies of hard (foreign) currency.
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