http://www.allgov.com/agency/Board_of_Governors_of_the_Federal_Reserve_System
See we already did fiat, except it was called the continental dollar.
It didn't work then, and doesn't work now
The United States’ first paper currency was known as “continentals,” printed to finance the American Revolution. The currency was printed in such quantities that it led to inflation, and the American people soon lost faith in the notes.
At the urging of the federal government’s first Treasury Secretary, Alexander Hamilton, Congress established the First Bank of the United States, headquartered in Philadelphia, in 1791. It was the largest corporation in the country and was dominated by big banking and money interests. Many ordinary Americans were uncomfortable with the idea of a large, powerful central bank, and so were numerous lawmakers. When the bank’s 20-year charter expired in 1811, Congress refused to renew it.
A Second Bank of the United States won approval in Congress five years later, in 1816. But like the first bank, this second bank had its detractors, including President Andrew Jackson, whose opposition helped kill the bank when its charter expired in 1836.
For the next several decades, state-chartered banks and unchartered “free banks” popped up around the country and issued their own bank notes, redeemable in gold or silver. Banks also began offering demand deposits (the forerunner to modern
