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I decided to answer it even if briefly it is already answered by Semaphore and Pieter Geerkens The money itself not backed by any physical assets, to understand the current situation, the existing two answers contain the "Fiat money" definition, which is one big part of the story. The complete story is way bigger than it can be told in this single answer, ...


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Keynes' views were widely mis-represented by his disciples, notably Joan Robinson, who was well to the left of him. Keynes was actually "orthodox" in many ways. With his emphasis on "money," he was actually closer to Milton Friedman than to the "Keynesian" doctrine he is associated with. Where he differed from "orthodoxy" was in promoting deficit-financed ...


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The American dollar is now Fiat Money, unbacked by any physical asset


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The United States abandoned the gold standard on 15 August 1971. Since then it has been using fiat money, which is not backed by any commodity. It derives its value solely from government authority. This is sometimes also known as a "managed currency standard".



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