#AES #Bitcoin §35 Demonetizing Gold, but Not Bitcoin
After World War II, the Bretton Woods Agreement would return to an honest ledger. The U.S. dollar was pegged to gold. Then, Richard Nixon decoupled the U.S. dollar from the gold peg. The U.S. dollar departed from a commodity-based monetary system. Since 1971, the U.S. dollar has been fiat, and gold is increasingly demonetized with unnecessary friction. Now, cash is being demonetized with Know Your Customer (KYC) and Anti-Money Laundering (AML).
Fiat is easiest to debase for the purpose of creating artificially low fiat interest rates. Artificially low interest rates displace commodity-based monetary systems.