Fiat Money

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Fiat money is not linked to physical reserves (such as gold/silver)
Most of world currency is Fiat money.
Examples are US dollar, Euro and Pound Sterling

Risk - if people loose faith in a country's currency, the money will not hold any value - which is hyper inflation.
Hyper-inflation is normally the terminal stage of Fiat currency.

In a fiat system, there is no restriction on the amount of money that can be created

The US has been shifting between the gold standard and fiat over the past 200 years. The last time was in 1971, when Richard Nixon was the president.

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