Why is paper money considered fiat money?
A dollar bill contains only about 3 cents worth of paper, printing inks, and other materials. Also, nowhere on paper is there any promise to redeem it for gold, silver, or anything else.
I am not sure what the latter half of the sentence means, but I think it means:
"People can't exchange paper money for gold, silver, or anything else."
And I guess to here is attached to promise, so it adds information to promise , so it should share the same function as relative clause?
If the above understanding is right, can I rephrase the sentence into:
Nowhere on paper is there any promise which allows user to redeem it for gold, silver, or anything else.