Monetary Reform: Fiat vs. Market

by Gary North

Remnant Review

What is fiat money? It comes from “fiat,” which means a formal authorization or proposition or a decree. Synonyms are these: edict, order, command, commandment, injunction, proclamation, mandate, dictum, diktat. It is an arbitrary order.

The phrase “fiat lux” comes from Genesis 1:2: “Let there be light.”

Fiat money is the money issued by a self-proclaimed divine state. It rests on the premise of divine right: no higher appeal. It is the court of final appeal. In short, it is divine.

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