We live in the age of rampant (monetary and price) inflation, more frequent economic crises, chronic deficit spending, unpayable debt, and massive financial bubbles. That’s not accidental. That’s consequential.
This fact and the many economic, social, and even cultural consequences of our fiat money system remain largely unknown to the majority of people. The US dollar became a fiat currency by deceit and not due to the merit of fiat money or by free choice.
So much so that economist Jacques Rueff titled his book The Monetary Sin of the West (1971) in reference to the Bretton Woods gold exchange standard, which was not even a full fiat money system.
What is fiat money? you may ask. Essentially, it is an inconvertible or unbacked currency usually issued by the government/central bank. Fiat money is currency of unlimited supply.