他指出，法币的价值只因为美联储说它可以。

By fiat, he means that it has value only because the Fed says it does.

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在当今盛行的法币制度下，各国央行通常对短期利率拥有控制权。

Under today's fiat-money regimes, central banks, as a rule, control short-term interest rates.

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1935年中国实行法币政策后，银本位制度实际上就放弃了。

Then in 1935, China began to implement a legal tender policy and the silver standard system was abandoned.

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