Oddbean new post about | logout
 "there is no top, bc fiat has no bottom"  
 Of course there is a top, the death of FIAT, a stupid relatively short lived scummy experiment 

I sleep well at night knowing that my son will get to see it 
 Fiat will never go away, now that it's been a thing for centuries. 
 hmm didnt we also never have a decentralised, nontrust based digital ecash system that seems to work for 15 years now? we'll see.. it will become chaos, and it already was without bitcoin too

up only lol 
 Yes, that's correct.  
 the modern fiat system really only started with the establishment of the prussian state https://en.wikipedia.org/wiki/Prussia#/media/File:Kingdom_of_Prussia_1870.svg predecessor to east germany, poland, latvia, lithuania, estonia... prior to this there was no concept of a secular government per se, and outside of the big cities nobody listened to the government people unless they were forced to, which was expensive and unpopular

the prussians invented the modern education system which was used to industrial scale indoctrinate people into state worship

prior to that, they really couldn't tax people very hard or they'd get super pissed... yes, the governments before this were basically like mafias

this arc of history represents the formation process of a global tyrannical ruling class consolidating power and attempting to create a one world government with universal enslavement

that's not going to end well for them in the end, not the least of which being the economic failure it will cause, but the pushback will be intense once enough people snap out of it and start an effective countermeasure

like bitcoin, for example 
 Gold coins that were 'money' were debased by their government in secret, are essentially, fiat.

No difference, really. At least today we know it's fake. Lol

Thanks for the link!