Oddbean new post about | logout
▲ ▼
freddms | 1 months ago (raw) | root | parent | reply | flag +2 
 Every fiat system has failed. Every time, eventually.

The system is flat out evil. It's a system that once you are involved, there is no escape from the treachery. Most don't even know how they are involved in evil.
▲ ▼
Benewing | 1 months ago (raw) | root | parent | reply | flag 
 Every non-fiat system has failed too.
▲ ▼
freddms | 1 months ago (raw) | root | parent | reply | flag 
 Okay - I will bite. How did they fail?

Gold has worked - nearly flawlessly. In the 1800s it gave us all we have today. Transportation, communications, automobiles, coal/oil/gas. All these technologies were from hard money times - we just built upon them.

Even before paper, Governments would clip coins. That's how profitable it is for Government to cheat the people!

My point is no real money (based on real energy and scarcity) failed without first being debased.

Can you give an example otherwise or recommend a book?

Principles of Econoomics by  @saifedean covers this too.