Acronym: "Fouled Up, Got Ambushed, Zipped In" from Vietnam War era (may have started earlier), reputed to have originated with the British Military. Used by troops throughout south-east Asia.
" Revitalized with the public by the release of the first Wolf of Wall Street , trailer when Mark Hanna (played by Matthew McConaughey) explains to Jordan Belford (played by Leonardo DiCaprio) 26 seconds into the trailer - his thoughts on the forecasting of stock prices;
Mark Hanna: Nobody knows if a stock is gonna go up, down, sideways or in circles. You know what a fugayzi is?
Jordan Belford: No - Fugazi. It's a fake...
Mark Hanna: Fugayzi, Fugahzi, it's a wahzi, it's a woozie, it's a (whistles) fairy dust. "
The word "Fugazi" popped up in the film Donnie Brasco with Al Pacino. "Don da Jeweler" gets approached privately by a real mafioso, Lefty Ruggiero (Al Pacino) who wanted to sell a hot diamond ring. After a quick inspection, Brasco pronounced it "a fugazi" - a counterfeit. After a bit of verbal sparring, the two men go to find the man who gave the ring to Lefty, relieving him of his Porsche in lieu of the fake diamond ring. From that point on, Donnie is in with Lefty, a troubled, lonely man who wants someone to follow in his footsteps. A similar theme was explored in the excellent crime drama The Mechanic.