Comment by desumeku
4 months ago
Fiat is not indispensable, hello. Did you forget that human societies used to primarily have metallism-based economies before central banks managed to entrap the entire world in a system of debt slavery?
4 months ago
Fiat is not indispensable, hello. Did you forget that human societies used to primarily have metallism-based economies before central banks managed to entrap the entire world in a system of debt slavery?
Sure, and that gold standard failed. Fiat (with a money supply that can be discretionarily managed, and allows for monetary policy) is indispensable to a modern economy.
It didn't "fail". It was gradually dismantled and replaced by a new economic order based on credit.
As a homework exercise, I’d like you to consider just how much gold would be necessary to back the current amount of dollars in circulation.
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