Only a few years back, the majority of people were saying that the dollar was as good as gold. Or the euro, for that matter, or any of a number of fiat currencies. In fact, at the time, confidence was such that even the term “fiat currency” went largely undiscussed.
But, today, even those who insist that fiat currencies are not only safe, but the only means by which commerce can reasonably occur, are admitting that they are getting a bit nervous regarding the assurance that their own currency will not be either somehow confiscated or grossly devaluated. And, today, the term “fiat” has become understood by most when describing currencies.
Of course, those of us who for many years have suggested that no fiat currency is truly reliable in the long-term, have long recommended an alternate: precious metals.
Source The International Man