The Fiat Standard

<p><span style=background-color: rgba(0 0 0 0); color: rgba(34 34 34 1)>In </span><em style=background-color: rgba(0 0 0 0); color: rgba(34 34 34 1)>The Fiat Standard</em><span style=background-color: rgba(0 0 0 0); color: rgba(34 34 34 1)> world-renowned economist Saifedean Ammous applies his unique analytical lens to the fiat monetary system explaining it as a feat of engineering and technology just as he did for bitcoin in his global bestseller </span><em style=background-color: rgba(0 0 0 0); color: rgba(34 34 34 1)>The Bitcoin Standard</em><span style=background-color: rgba(0 0 0 0); color: rgba(34 34 34 1)>. </span></p><p><br></p><p><span style=background-color: rgba(0 0 0 0); color: rgba(34 34 34 1)>This time Ammous delves into the world's earlier shift from the gold standard to today's system of government-backed fiat money-outlining the fiat standard's </span><span style=background-color: rgba(0 0 0 0); color: rgba(0 0 0 1)>purposes and failures; deriving the wider economic political and social implications of its use; and examining how bitcoin will affect it over time.</span></p><p><br></p><p><span style=background-color: rgba(0 0 0 0); color: rgba(0 0 0 1)>With penetrating insight Ammous analyzes global political currencies by analogy to bitcoin: how they're mined whenever government-guaranteed entities create loans their lack of inherent restraints on inflation and the rampant government intervention that has resulted in heavy devastating and persistent distortions to global markets for food fuel science and education.</span></p><p><br></p><p><span style=background-color: rgba(0 0 0 0); color: rgba(0 0 0 1)>Through these comparisons Ammous demonstrates that bitcoin could be our next step forward-providing high salability across space just like the fiat system but without the unchecked fiat-denominated debt. Rather than a messy hyperinflationary collapse the rise of bitcoin could look like a debt jubilee and an orderly upgrade to the world's monetary operating system revolutionizing global capital and energy markets.</span></p><p><br></p>