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Imagine a young Isaac Newton time-travelling from 1670s England to teach Harvard undergrads in 2017. After the time-jump, Newton still has an obsessive, paranoid personality, with Asperger’s syndrome, a bad stutter, unstable moods, and episodes of psychotic mania and depression. But now he’s subject to Harvard’s speech codes that prohibit any “disrespect for the dignity of others”; any violations will get him in trouble with Harvard’s Inquisition (the ‘Office for Equity, Diversity, and Inclusion’). Newton also wants to publish Philosophiæ Naturalis Principia Mathematica, to explain the laws of motion governing the universe. But his literary agent explains that he can’t get a decent book deal until Newton builds his ‘author platform’ to include at least 20k Twitter followers – without provoking any backlash for airing his eccentric views on ancient Greek alchemy, Biblical cryptography, fiat currency, Jewish mysticism, or how to predict the exact date of the Apocalypse.
Newton wouldn’t last long as a ‘public intellectual’ in modern American culture. Sooner or later, he would say ‘offensive’ things that get reported to Harvard and that get picked up by mainstream media as moral-outrage clickbait. His eccentric, ornery awkwardness would lead to swift expulsion from academia, social media, and publishing. Result? On the upside, he’d drive some traffic through Huffpost, Buzzfeed, and Jezebel, and people would have a fresh controversy to virtue-signal about on Facebook. On the downside, we wouldn’t have Newton’s Laws of Motion.
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Geoffrey Miller
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Here’s the dirty little secret: Fiat currency is designed to lose value. Its very purpose is to confiscate your wealth and transfer it to the government. Each time the government prints a new dollar and spends it, the government gets the full purchasing power of that dollar.
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Michael Maloney (Guide To Investing in Gold & Silver: Protect Your Financial Future)
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The bankers and financiers are badly overplaying their hands, again, and people are starting to catch on to the scam.
Real wealth is tangible things produced with tangible effort. Loans made out of thin-air 'money' require no effort and are entirely ephemeral.
But if those loans are used to acquire real ownership of real assets, then something has been exchanged for nothing and one party is getting screwed.
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Chris Martenson
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Fiat currency isn’t money—it’s a weapon. Every duck farmer knows this, and you can only pretend The Fake is The Real for so long before mass starvation takes place.
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Jarod Kintz (Music is fluid, and my saxophone overflows when my ducks slosh in the sounds I make in elevators.)
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The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.
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Phil Champagne (The Book Of Satoshi: The Collected Writings of Bitcoin Creator Satoshi Nakamoto)
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Eddie Money and Johnny Cash should have collaborated. I’d have paid good last name to see them in concert.
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Jarod Kintz (There are Two Typos of People in This World: Those Who Can Edit and Those Who Can't)
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In the next 5-10 years, digital assets (predominantly Bitcoin and few Alts) will prove to be a strong alternative currency of the world, if not entirely dethrone fiat currency.
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Olawale Daniel
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Government fiat currency is far superior to cryptocurrency.
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Hendrith Vanlon Smith Jr.
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A penny saved is a penny wasted. Thanks, fiat currency and inflation!
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Jarod Kintz (There are Two Typos of People in This World: Those Who Can Edit and Those Who Can't)
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You think Bitcoin is costly, it is not! Your fiat currency is definitely overpriced and oversold.
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Olawale Daniel
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Bitcoin is rapidly becoming the global reserve cryptocurrency just like the dollar is to fiat currency.
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Olawale Daniel
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A brick could be used to suppress the price of gold. But not for very long, because once the people realize the unrealized potential in undercutting the central bankers, gold will rise and fiat currency will sink.
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Jarod Kintz (Brick and Blanket Test in Brick City (Ocala) Florida)
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There are three ways in which a government can fund deficit spending: currency inflation (printing new currency), borrowing from the public, and taxation. Governments tend to favor currency by fiat (i.e., creating new currency), which allows it to blame the inevitable price increases on speculators rather than on its true culprit, currency inflation.
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Phil Champagne (The Book Of Satoshi: The Collected Writings of Bitcoin Creator Satoshi Nakamoto)
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Many hold that by floating the dollar, Nixon converted the U.S. currency into pure “fiat money”—mere pieces of paper, intrinsically worthless, that were treated as money only because the United States government insisted that they should be.
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David Graeber (Debt: The First 5,000 Years)
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People pay a lot of fake money for old wine bottles filled with mystery fluid that they haven’t even tasted because it’s centuries old. So, I’m willing to bet people would spend even more fiat currency for new wine bottles filled with duck soup.
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Jarod Kintz (One Out of Ten Dentists Agree: This Book Helps Fight Gingivitis. Maybe Tomorrow I’ll Ask Nine More Dentists.: A BearPaw Duck And Meme Farm Production)
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Pickleball IS life. In fact, the game should replace fiat currency as a facilitator of trade. If you want to sell something tangible like a duck, why price it in dollars? Just haggle over units of pickleball play equal in value to a swimming bird.
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Jarod Kintz (Powdered Saxophone Music)
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Bags of potato chips have so much air they could be used as cushions for suicidal skyscraper jumpers. That's called inflation, because you spend more money and get less product. But here on my duck farm, we know the value of a dollar—and that's why we don't accept them.
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Jarod Kintz (Music is fluid, and my saxophone overflows when my ducks slosh in the sounds I make in elevators.)
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Cryptocurrency should never and will never replace government issued fiat currently. The value of Cryptocurrency is limited to very specific use-cases and small social ecosystems with specific common objectives. That’s not a bad thing. It’s good when things are applied strictly to their proper use cases.
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Hendrith Vanlon Smith Jr.
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The oldest recorded example of fiat money was jiaozi, a paper currency issued by the Song dynasty in China in the tenth century. Initially, jiaozi was a receipt for gold or silver, but then government controlled its issuance and suspended redeemability, increasing the amount of currency printed until it collapsed. The Yuan dynasty also issued fiat currency in 1260, named chao, and exceeded the supply far beyond the metal backing, with predictably disastrous consequences. As the value of the money collapsed, the people fell into abject poverty, with many peasants resorting to selling their children into debt slavery.
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Saifedean Ammous (The Bitcoin Standard: The Decentralized Alternative to Central Banking)
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When I worked as a concierge, I loved getting a pat on the back from a guest, because it's like a tip, only better, because it doesn't devalue like fiat currency, and it will buy me food at the store. Oh yes, shared body language is the best facilitator of trade, and here on my duck farm I accept high-fives for eggs.
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Jarod Kintz (Music is fluid, and my saxophone overflows when my ducks slosh in the sounds I make in elevators.)
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The dollar is continually worth less until it's finally worthless. That's how it was designed. It's not money. It's a financial weapon.
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Jarod Kintz (Eggs, they’re not just for breakfast)
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Full conceptual understanding is fraught with misery because axiomatically speaking deception spreads faster and fiercer than truth. By the time the truth has adapted to address the initial fallacy it has already mutated into numerous more fallacies. Deception thusly is like a hydra on steroids initiating a flaming sword buyback with Weimar tier fiat currency.
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Ryan Fletcher
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I think Cryptocurrency tokens are only valuable in small naturally occurring social ecosystems where they serve as a reward for adding value exclusively in that ecosystem and where they serve as a method of acquiring value exclusively in that ecosystem. To transfer purchasing power out of that small naturally occurring ecosystem would require a conversion of the token into a government fiat currency.
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Hendrith Vanlon Smith Jr. (Principles of a Permaculture Economy)
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The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
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Phil Champagne (The Book Of Satoshi: The Collected Writings of Bitcoin Creator Satoshi Nakamoto)
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In retrospect, the major difference between World War I and the previous limited wars was neither geopolitical nor strategic, but rather, it was monetary. When governments were on a gold standard, they had direct control of large vaults of gold while their people were dealing with paper receipts of this gold. The ease with which a government could issue more paper currency was too tempting in the heat of the conflict, and far easier than demanding taxation from the citizens. Within a few weeks of the war starting, all major belligerents had suspended gold convertibility, effectively going off the gold standard and putting their population on a fiat standard, wherein the money they used was government-issued paper that was not redeemable for gold.
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Saifedean Ammous (The Bitcoin Standard: The Decentralized Alternative to Central Banking)
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It’s also important that they don’t promise to convert their currency into something they could run out of (e.g., gold or some other country’s currency). And they need to refrain from borrowing (i.e., taking on debt) in a currency that isn’t their own.3 When a country issues its own nonconvertible (fiat) currency and only borrows in its own currency, that country has attained monetary sovereignty.
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Stephanie Kelton (The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy)
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The world order, largely intact since the end of the World War II, seems to be breaking down. Capitalism, and its relentless march towards progress, allowed many to win. Although no system is perfect, the rules by which capitalism operated were well regarded and understood. You could expect that if you made a big bet and were wrong, you would be wiped out—but if you were right, your hard work, ingenuity, or risk taking would be rewarded. In game theory, we could call this a dominant cooperative strategy, and it dominated for the better part of the twentieth century. The rise of fiat currencies that could be manipulated domestically and the bailout in 2008 changed that strategy to one where the players whose bad bets caused the crisis, instead of being wiped out, were rewarded handsomely. Capitalism’s long-dominant cooperative strategy was replaced by a non-dominant strategy, crony capitalism, where the cheaters won.
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Jeff Booth (The Price of Tomorrow: Why Deflation is the Key to an Abundant Future)
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He attacked Oriati Mbo with all his powers. Schools to seduce the young. Banks to issue loans, loans to put Oriati into debt, debt to give him an excuse to seize their land and property. He built toll roads and canals for exclusive trade. He gave his allies inoculations against disease. He brutalized the Oriati currencies with counterfeiting and debasement, flooding their continent with fake money so they would turn to the stable, reliable Falcresti fiat note as their trade coin. It was precisely how he captured Taranoke. It failed utterly.
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Seth Dickinson (The Monster Baru Cormorant (The Masquerade, #2))
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centuries-long debate over the nature of money can be reduced to two sides. One school sees money as merely a commodity, a preexisting thing, with its own inherent value. This group believes that societies chose certain commodities to become mutually recognized units of exchange in order to overcome the cumbersome business of barter. Exchanging sheep for bread was imprecise, so in our agrarian past traders agreed that a certain commodity, be it shells or rocks or gold, could be a stand-in for everything else. This “metallism” viewpoint, as it is known, encourages the notion that a currency should itself be, or at least be backed by, some tangible material. This orthodox view of currency is embraced by many gold bugs and hard-money advocates from the so-called Austrian school of economics, a group that has enjoyed a renaissance in the wake of the financial crisis with its critiques of expansionist central-bank policies and inflationary fiat currencies. They blame the asset bubble that led to the crisis on reckless monetary expansion by unfettered central banks. The other side of the argument belongs to the “chartalist” school, a group that looks past the thing of currency and focuses instead on the credit and trust relationships between the individual and society at large that currency embodies. This view, the one we subscribe to and which informs
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Paul Vigna (The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order)
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Every time you use a banknote; every time you use a modern coin; every time you use a credit card or debit card; every time you use internet banking; every time you use any modern crypto currency; every time you use a gift voucher; every time you use a poker chip; in fact, every time you enter into any form of transaction that does not rely on bartering, each such transaction has its ideological origins in John Law’s idea that money need have no intrinsic value.
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Gavin John Adams (John Law: The Lauriston Lecture and Collected Writings)
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John Law’s 'Money and Trade Considered' is the most influential but least acknowledged work in the history of economics.
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Gavin John Adams (John Law: The Lauriston Lecture and Collected Writings)
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Even when money seemed to be material treasure, heavy in pockets and ships' holds and bank vaults, it always was information. Coins and notes, shekels and cowries were all just short-lived technologies for tokenizing information about who owns what.
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James Gleick (The Information: A History, a Theory, a Flood)
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Like Bitcoin, there is little stopping Ethereum from being an alternative currency to fiat and commodity currencies. You can conceivably trade anything using Ethereum, but this is not Ethereum’s strength in comparison to other cryptocurrencies (CCs) – they can all do this. It’s rather the computing language that allows the smart contracts to exist that makes Ethereum more valuable than BTC (in my opinion).
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Jeff Reed (Ethereum: The Essential Guide to Investing in Ethereum (Ethereum Books))
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Why is coffee so valuable? isn't there other stuff in the, uh, multiverse, to find?" "Like what? Gold? There was enough gold and silver in the asteroid belt of your former solar system to make every house, car, building and road on Earth out of the stuff. Diamonds? shiny pebbles. Fiat currency? don't make me laugh. Utility is what creates value for the meta-traveler. Food, meta-vehicles, water, or at least whatever fluid solvent is necessary for continuing your biochemical reactions. Of these, the scarcest is good coffee. It rarely evolves, and only naturally evolved coffee has the right flavor. Only coffee grown in its native environment will please the palate. Few universes have the right cosmological constants and physical laws to even create good coffee. Good coffee only grows in narrow bands of subtropical climates and only at high elevations that aren't cold. Coffee is portable, dividable, consistent in mass, and quality can be tested with common olfactory senses. Every brew is a little different; the permutations of the coffee experience are endless. For most meta-traveling humanoid species, coffee is consistently satisfying. It is the only true currency." *
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Martin Andrade (Richard Nixon's Guide to the Multiverse)
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Investing In Gold Not everyone would associate Ethereum with investing in gold, but that is exactly one of its uses. Using a process developed by Digix, users can use tokens to buy gold on the Ethereum blockchain. How does this work? Using the Digix app, you can exchange either Ether or fiat currency (real-life money) with gold tokens. This gold is linked to the Singaporean gold vault through a complex crypto-code. Whenever the user wants, they can switch their gold tokens for actual pieces of gold without needing to go through an intermediary or paying any large fees. This also opens up the possibility of creating similar processes for all sorts of commodities.
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Ikuya Takashima (Ethereum: The Ultimate Guide to the World of Ethereum, Ethereum Mining, Ethereum Investing, Smart Contracts, Dapps and DAOs, Ether, Blockchain Technology)
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Stablecoins The ground is currently being laid to set the way for a new type of currency –the stablecoin. What is the stablecoin? The stablecoin is an asset that typically features price stability. Cryptocurrency is notoriously unstable, with volatile prices that are often difficult to predict. The advantage of them is that they give the user total control over their holdings. On the other hand, the US dollar is a great example of a fiat stablecoin, as it offers low volatility and so provides a reliable unit of money to invest in both the short term and the long term. However, the US dollar doesn’t give the user any form of control, as it is monitored by the Federal Reserve Bank and is dependent on the banking network in the US for commercial use. To get a combination of the two –full user control and reduced volatility –is an exciting prospect. Maker is a company that is currently working on a project to make this happen by creating a currency known as the Dai, which is set to become a stablecoin that combines user control with price stability. Social Networks
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Ikuya Takashima (Ethereum: The Ultimate Guide to the World of Ethereum, Ethereum Mining, Ethereum Investing, Smart Contracts, Dapps and DAOs, Ether, Blockchain Technology)
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O.K., Lerner: His argument was that countries that (a) rely on fiat money they control and (b) don’t borrow in someone else’s currency don’t face any debt constraints, because they can always print money to service their debt. What they face, instead, is an inflation constraint: too much fiscal stimulus will cause an overheating economy. So their budget policies should be entirely focused on getting the level of aggregate demand right: the budget deficit should be big enough to produce full employment, but not so big as to produce inflationary overheating.
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Paul Krugman (Arguing with Zombies: Economics, Politics, and the Fight for a Better Future)
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Now, the obvious response is that a state like Venezuela can still try to beat someone up to get that solution, do the proverbial rubber hose attack to get their password and private keys — but first they’ll have to find that person’s offline identity, map it to a physical location, establish that they have jurisdiction, send in the (expensive) special forces, and do this to an endless number of people in an endless number of locations, while dealing with various complications like anonymous remailers, multisigs, zero-knowledge, dead-man’s switches, and timelocks. So at a minimum, encryption increases the cost of state coercion. In other words, seizing Bitcoin is not quite as easy as inflating a fiat currency. It’s not something a hostile state like Venezuela can seize en masse with a keypress, they need to go house-by-house. The only real way around this scalability problem would be a cheap autonomous army of AI police drones, something China may ultimately be capable of, but that’d be expensive and we aren’t there yet.41 Until then, the history of Satoshi Nakamoto’s successful maintenance of pseudonymity, of Apple’s partial thwarting of the FBI, and of the Bitcoin network’s resilience to the Chinese state’s mining shutdown show that the Network’s pseudonymity and cryptography are already partially obstructing at least some of the State’s surveillance and violence. Encryption thus limits governments in a way no legislation can.
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Balaji S. Srinivasan (The Network State: How To Start a New Country)
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As Nakamoto wrote in 2009: The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
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Michael J. Casey (The Truth Machine: The Blockchain and the Future of Everything)
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For people who make the argument that money such as the US dollar is backed by gold, that is a dated misconception. Today, globally, no national currency is backed by gold. They are all on a fiat system, meaning it is backed by its country’s government, not a physical asset. To put that into perspective, your country’s central bank has control over its money and its economy.
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Lauren Simmons (Make Money Move: A Guide to Financial Wellness)
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Without the violence and coercion of the State, market actors would utilize sound currency that bears little to no resemblance to today’s government fiat. According
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Christopher Chase Rachels (A Spontaneous Order: The Capitalist Case For A Stateless Society)
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utility or usage tokens can simplify transaction execution inside of a Dapp. When you go to an amusement park, you typically exchange fiat currency for a wristband or set of tickets granting access to rides, rather than paying a variable amount in fiat currency for each ride.
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Andrew J. Chapin (Art of the Initial Coin Offering: Lessons Learned from the Launch of a Crypto-Token)
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I have good news and bad news. The good news is we will all soon be billionaires. The bad news is that by the time that day comes, the dollar will be so devalued that your billions may not purchase your weekly groceries.
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Jarod Kintz (A Memoir of Memories and Memes)
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Whenever any nation entrusts to its legislators the issue of a currency not based on the idea of redemption in standard coin recognized in the commerce of civilized nations, it entrusts to them the power to raise or depress the value of every article in the possession of every citizen.
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Andrew Dickson White (Fiat Money in France: How it Came, What it Brought, and How it Ended)
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Another good proxy for the increased acceptance of a cryptoasset and its growing offering by highly regulated exchanges is the amount of fiat currency used to purchase it.
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Chris Burniske (Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond)
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The most recent application of bitFlyer empowered clients to purchase, sell and exchange Bitcoin and virtual monetary forms across the trades accessible in Japan. This trade empowers individuals to effortlessly purchase and sell Ethereum, Bitcoin, Litecoin, and other virtual monetary standards with Euros. In a brief period, bitFlyer has gotten one of the confided in trades on the planet. Notice bitFlyer Review survey doesn't end here.
In spite of that, bitFlyer is perceived as the most reduced charge trade in the midst of controlled players, which brands it an incalculable and trustworthy choice for each merchant.
1. It awards clients admittance to purchase and sell Bitcoin and top altcoins
2. The trade upholds 5 – 8 well known digital currencies
3. The significant cryptographic forms of money included are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.
4. It charges a base low expenses in contrast with directed trades
5. bitFlyer offers an extraordinary fiat entryway for new crypto lovers and veteran brokers
6. Users find exceptionally secure trade arrangements, which makes it simple to utilize
7. bitFlyer offers two methods of exchanging – a straightforward interface and for star financial backers, a high level Lightning trade
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Bitflyer
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Bitcoin cannot be acquired for free, which is precisely why it is setting humanity free.
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Olawale Daniel
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Assassination of John F. Kennedy Neil recalls that when John F. Kennedy returned home from his last meeting with President Sukarno in Indonesia relating to efforts to establish a new US financial system – at that time, JFK already had two strikes against him. Firstly, Kennedy returned West Papua from the Dutch to the Indonesians; thereby alienating Big Oil and corporate magnates that had significant control over strategic locations also known for their gold deposits. Secondly, Kennedy overlooked the deception with regards to his very own Vice President, Lyndon Johnson who was receiving all the information relating to the proceedings in Indonesia that he was forwarding to his cabal handlers, including the dissolution of both the CIA and the Federal Reserve Banks. This directly led to John F. Kennedy’s assassination in 1963. - Both Presidents Kennedy and Sukarno were working on numerous projects to make their nations stronger and greater; but one such project in particular was the new American financial system; eliminating all privately-owned Federal Reserve and Central Bank FIAT currency printing – and returning the power of issuance of the nation’s currency to the government itself. 406
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Peter B. Mayer (THE GREAT AWAKENING (PART TWO): AN ENLIGHTENING ANALYSIS ABOUT WHAT IS WRONG IN OUR SOCIETY)
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Finally, fiat currencies, while only a relatively recent historical invention, have proven to be prone to constant increases in supply. Nation-states have shown a persistent proclivity to inflate their money supply to solve short-term political problems. The inflationary tendencies of governments across the world leave the owner of a fiat currency with the likelihood that their savings will diminish in value over time.
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Vijay Boyapati (The Bullish Case for Bitcoin)
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If Bitcoin was a ponzi scheme destined for failure, the government wouldn’t spend so much time, resources, and the almighty FIAT currency in discrediting a tech that is destined to succeed.
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Olawale Daniel
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Cryptocurrencies are vastly distinguished from any fiat currency, because, unlike the centrally controlled fiat currencies, you cannot be canceled or denied the ability to make transactions anywhere anytime, without the interference of any other third-party agencies.
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Olawale Daniel
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Through the use of constitutional contortion, the United States has created a national demand for fiat currency. Maintaining the illusion of the dollar's value requires that the monetary authorities avoid reckless increase of the U.S. money supply. Historically speaking, such increases have had disastrous effects upon the purchasing power of the underlying currency. Avoiding a dollar collapse requires a personal faith among the American public in the Fed's willingness and ability to keep the currency in a limited supply.
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Jerry Robinson (Bankruptcy of Our Nation)
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Gold can still be stored as a long-term niche asset for savings and jewelry, but due to its slow speed and lack of widespread acceptance in modern times — along with legal tender laws — gold is not a viable alternative to the global fiat currency system for payments, unless heavily abstracted via trusted counterparties.
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Lyn Alden (Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better)
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In the 1860s, during its civil war, the US suspended gold convertibility and printed paper money (known as “greenbacks”) to help monetize war debts. Around the time the US returned to its gold peg in the mid-1870s, a number of other countries joined the gold standard; most currencies remained fixed against it until World War I. Major exceptions were Japan (which was on a silver-linked standard until the 1890s, which led its exchange rate to devalue against gold as silver prices fell during this period) and Spain, which frequently suspended convertibility to support large fiscal deficits. During World War I, warring countries ran enormous deficits that were funded by central banks’ printing and lending of money. Gold served as money in foreign transactions, as international trust (and hence credit) was lacking. When the war ended, a new monetary order was created with gold and the winning countries’ currencies, which were tied to gold. Still, between 1919 and 1922 several European countries, especially those that lost the war, were forced to print and devalue their currencies. The German mark and German mark debt sank between 1920 and 1923. Some of the winners of the war also had debts that had to be devalued to create a new start. With debt, domestic political, and international geopolitical restructurings done, the 1920s boomed, particularly in the US, inflating a debt bubble. The debt bubble burst in 1929, requiring central banks to print money and devalue it throughout the 1930s. More money printing and more money devaluations were required during World War II to fund military spending. In 1944–45, as the war ended, a new monetary system that linked the dollar to gold and other currencies to the dollar was created. The currencies and debts of Germany, Japan, and Italy, as well as those of China and a number of other countries, were quickly and totally destroyed, while those of most winners of the war were slowly but still substantially depreciated. This monetary system stayed in place until the late 1960s. In 1968–73 (most importantly in 1971), excessive spending and debt creation (especially by the US) required breaking the dollar’s link to gold because the claims on gold that were being turned in were far greater than the amount of gold available to redeem them. That led to a dollar-based fiat monetary system, which allowed the big increase in dollar-denominated money and credit that fueled the inflation of the 1970s and led to the debt crisis of the 1980s. Since 2000, the value of money has fallen in relation to the value of gold due to money and credit creation and because interest rates have been low in relation to inflation rates. Because the monetary system has been free-floating, it hasn’t experienced the abrupt breaks it did in the past; the devaluation has been more gradual and continuous. Low, and in some cases negative, interest rates have not provided compensation for the increasing amount of money and credit and the resulting (albeit low) inflation.
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Ray Dalio (Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail)
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left school without knowing what capitalism was, much less a mortgage, interest rates, central banking, fiat currency or quantitative easing. The word imperialism had never been used in the classroom, much less ‘class struggle’. What history I did learn can be seen as little more than aristocratic nationalist propaganda; Henry VIII and his marital dramas; how Britain and America defeated the Nazis – minus the Commonwealth and with a very vague mention of the Soviet contribution; how Britain had basically invented democracy and all that was good and wonderful.
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Akala (Natives: Race and Class in the Ruins of Empire)
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In the post-Butler system, in order to meet the desired federal spending, taxes are raised, and debts, deficits, and government spending balloon. When these traditional sources of money fail, the government simply prints more money through the Federal Reserve. This inflates our fiat currency, distorts the natural ups and downs of the business cycle and recessions, and increases the divide between the wealthy (who store their wealth in non-fiat assets) and the middle and lower classes.
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Oliver DeMille (1913)
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My sponsor is an ex-Navy guy. Buys me lunch on Christmas. I tell him, as long as I am drinking and I have money, things seem to be going well. Now, you just replace “am drinking” with “have oil” there you have the U.S. economy. When I don’t drink for a while… I get a little depressed and anti-Semitic. I tell him, as soon as the United States stops fucking up foreign democracies and stealing their oil, I’ll stop drinking. Unfortunately, looks like neither miracle is going to happen…
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Dmitry Dyatlov
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With the establishment of sound money, prices for most commodities quickly stabilized, then fell. Without the drag of taxation, fiat currency, or the inflation they encouraged, wages rose. Given the low prices and high wages, the economy began to stretch in unusual directions:
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Ken V. Krawchuk (Atlas Snubbed)
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Wage changes occur at infrequent intervals and condition the behaviour of the parties concerned for the ensuing economic period (sometimes months, usually years).
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William F. Mitchell (Macroeconomics)
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If you are thinking the price of Bitcoin is going up, you must also realize that the purchasing power of Bitcoin is increasing, hence you are guaranteed of freedom. You must decide not to allow the fiat currency to be your mental intermediary when thinking about the world.
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Olawale Daniel
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Ripple also used trusted gateways as endpoints for users, and these gateways could take deposits and redeem debts in all kinds of asset pairs, including traditional fiat currency. This built off Fugger’s original chains of trust but on a global multi-asset scale. Routing a transaction through Ripple’s network was like sending a packet of information through the Internet, pinging amid connected servers.
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Chris Burniske (Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond)
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Non-convertible gold bullion standard. This is where the issuer declares that their currency is worth a certain amount of gold, but doesn’t allow you to redeem your money for gold. This is starting to blur the lines between representative and fiat money.
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