Instead the defining property of fiat money is that it has no intrinsic value and derives any value it has only from the shared belief by a sufficient number of economic actors that it has that value.

And like any good bubble, devotees and manipulators can easily massage the apparent value.

Buiter is missing the point that the real value of all fiat currencies is the bubble process itself.

Hence gold, tulip bulbs, securities, and empires - value comes from hard military dominance, soft marketing and persuasion, and social proof and consensus.