The act or habit of describing something as worthless.
It is said to have been made up by some Eton students from a number of Latin and Greek words meaning 'nothing' or 'worthless', for example:
Flocci - a sheep's fleece or piece of wool, as in the Latin flocci non facio - "I don't care" (literally "I couldn't give a sheep's fleece)
nihil - 'nothing' in Latin
It has been used by Zippy the Pinhead (March 14, 1996):
"Do you think I may be too quick to find fault with things and people, Zippy?" "Yeh." "Th' 'floccinaucinihilipilification' process." "Th' what?" "Floccinaucinihilipilification!! It means 'the estimation of something as valueless'!" "You've been randomly reading th' dictionary, haven't you?" "Yes. That and my natural tendency toward antifloccinaucinihilipilification!!"
...Mike McCurry, Clinton's press secretary: "But if you -- as a practical matter of estimating the economy, the difference is not great. There's a little bit of floccinaucinihilipilification going on here."
...Senator Daniel Patrick Moynihan
...Sir Walter Scott (3/18/1829, with 'pauci' as the second element rather than 'nauci'): "They must be taken with an air of contempt, a floccipaucinihilipilification of all that can gratify the outward man."