💸💸💸 Fiat Money: The Great Scam of the 21st Century 💸💸💸

Fiat money is that type of money that you use every day to buy, pay, save and invest. It is the one issued by central banks and that does not have any backing in gold, silver or other merchandise. It is only valid because the government says it is valid, and because people trust it. But is it really trustworthy money? Or is it a big scam that is leading us to economic and social disaster?

HIS ORIGINS

Fiat money is not something new, in fact, it has its origins in ancient China, where paper money began to be used more than a thousand years ago. At first, this paper could be exchanged for gold, silver, or silk, but over time, rulers began issuing more paper than they could support, causing inflation and devaluation. A famous case was that of the Mongol emperor Kublai Khan, who imposed the use of paper money in the 13th century, and who ended up ruining his empire due to excess spending and hyperinflation. History repeated itself in Europe, where several countries experimented with fiat money in the 17th and 18th centuries, with disastrous results.

In the modern era, fiat money was "born" in the 20th century, when the United States abandoned the gold standard, which was the monetary system that had governed the world economy since the 19th century. This gold standard established that each dollar could be exchanged for a fixed amount of gold, and that the rest of the currencies were pegged to the dollar. In this way, the stability and value of money was guaranteed. But in 1971, US President Richard Nixon decided to break the Bretton Woods agreement, which was the treaty that established the gold standard, and announced that the dollar would no longer be convertible into gold. This marked the end of the gold standard and the beginning of the dollar standard, which is the system we have today.

THEIR PROBLEMS

Fiat money has several problems that make it very dangerous for the economy and society.

❌ It has no intrinsic value, that is, it is not based on any physical or scarce good that supports it. Its value depends on the trust that people have in it, and the supply and demand in the market. This makes it very volatile and can lose its purchasing power over time.

❌ It is inflationary, it can be created from nothing, without any limits or control. Central banks print money as they please, and commercial banks lend money they don't have, thanks to the fractional reserve system. This causes there to be more money in circulation than there are goods and services, which causes prices to rise and money to lose value. Inflation is a hidden tax that impoverishes people and benefits those who create money.

❌ It is created from debt, when central banks print money, they do so to buy government bonds, which are loans that the government has to repay with interest. When commercial banks lend money, they do so by charging interest to customers, who have to pay back the loan plus interest. This means that there is more debt than money in the system, and money is scarce and expensive. Debt is a form of slavery that subjugates the people and countries that create money.

❌ It is unfair because it benefits those who create it and those who receive it first, which are banks, governments and large corporations. They use the newly created money to buy goods and services at low prices, before inflation makes them more expensive. Those who receive the money later, which are workers, savers and pensioners, suffer the loss of value of money and the rise in prices. This causes enormous inequality and a transfer of wealth from the poor to the rich.

ITS CONSEQUENCES

Fiat money has dire consequences for the economy and society.

❌ Economic crises: Create cycles of boom and bust, which are known as economic cycles. When there is a lot of money in circulation, a false sense of prosperity is generated, which leads people to consume and invest more than they should. This creates bubbles in the markets, which sooner or later burst, causing a crisis. When there is little money in circulation, a credit shortage is generated, which leads people to save and reduce their consumption and investment. This creates a recession or depression in the economy, which can last for years.

❌ Wars and conflicts: Allows governments to finance wars and conflicts, without having to be accountable to their citizens. Governments print money to pay their armies, their allies and their enemies, without having to raise taxes or reduce public spending. This makes wars more frequent and longer, causing more death and destruction.

❌ Corruption and crime: Facilitates corruption and crime, being a means of payment that is easy to hide and launder. Governments use it to bribe, blackmail or buy off their opponents, the media, judges or international organizations. Criminals use it to traffic drugs, weapons, people or any other illegal product. It is the fuel of the mafia, terrorism and drug trafficking.

❌ Moral and cultural degradation: Fiat money destroys the moral and cultural values of society, by promoting consumerism, materialism, hedonism and relativism. It makes people forget what really matters, such as family, community, solidarity, honesty, responsibility, work, savings, education, culture, religion or nature. It makes people selfish, superficial, indifferent, disrespectful, irresponsible, ignorant, uneducated, atheistic or nihilistic.

However, luckily, fiat money is not the only form of money that exists. In fact, it is the worst form of money ever invented. There are other forms of money that are fairer, more stable, safer and more free.

✔ Commodity money: It is the type of money that is based on a physical or scarce good that has value in itself, such as gold, silver, copper or oil. Commodity money has the advantage that it cannot be created from nothing, so there is no inflation or debt. It also has the advantage that it does not depend on trust in any government or entity, so there is no manipulation or corruption. Commodity money is the oldest and most universal money that exists.

✔ Representative money: It is based on a certificate or receipt that represents a physical or scarce good that is kept in a vault or warehouse, such as gold, silver, copper or oil and has the advantage that it can be transport and transfer easily.

✔ Electronic money: It is based on a digital record that is stored on a card, a chip, a telephone or a computer. Electronic money has the advantage that it can be sent and received instantly, without intermediaries or commissions. It also has the advantage that it can be programmed and customized, according to the preferences and needs of each user. Electronic money is the most modern and innovative money that exists.

✔ Cryptographic money 🥂🍻: It is based on a decentralized network of computers that use cryptography to validate and protect transactions. Crypto money has the advantage that it cannot be counterfeited, censored or confiscated, making it very safe and free. It also has the advantage that it does not depend on any central authority, making it very democratic and transparent. Cryptographic money is the most revolutionary and disruptive money that exists.

Fiat money is broken because it does not fulfill the basic functions expected of good money. It is considered that good money must be:

✔ A medium of exchange that serves to facilitate trade and the exchange of goods and services. Fiat money does not fulfill this function, because it is inefficient, expensive and slow. It requires intermediaries, such as banks, payment companies or exchange agencies, who charge commissions, impose restrictions and generate delays. It is also vulnerable to theft, scams, fraud and loss.

✔ A unit of account that serves to measure the value of goods and services. Fiat money does not fulfill this function, because it is inconsistent, arbitrary and manipulable. It does not have a fixed value, but fluctuates according to supply and demand, and according to the decisions of central banks and governments. It is also susceptible to being altered, inflated or devalued, depending on the interests of those who control it.

✔ A store of value that serves to preserve purchasing power over time. Fiat money does not fulfill this function, because it is depreciating, unstable and risky. It constantly loses value, due to inflation and devaluation. It is also volatile, due to crises and wars. It is also unsafe, due to debt and confiscation.

Remember, fiat money is a threat to your freedom, your prosperity and your happiness. Therefore, to avoid harmful effects, I recommend that you:

✔ Educate your financial mind, learn about the origin, nature and functioning of money. Research alternatives to fiat money and their advantages. Develop your critical thinking and your entrepreneurial spirit. Don't be fooled by the lies and promises of the current monetary system.

✔ Diversify your assets, do not keep all your money in one form or in one place. Spread your money between different types of assets, such as commodity money, electronic money, crypto money, precious metals, stocks, bonds, real estate, works of art or cryptocurrencies. This way, you can reduce risk and increase the return on your investment.

✔ Decentralize your economy, do not depend on a single supplier or a single client. Look for multiple sources of income and expenses. Use different platforms and networks to offer and acquire goods and services. Participate in communities and projects that share your values and interests. This way, you can expand your opportunities and your autonomy.

✔ Digitize your money, do not use physical money or bank money, use electronic money or cryptographic money. Open an account or a digital wallet, and start sending and receiving money online. Use applications and services that allow you to pay, collect, save, invest, donate or lend money quickly, easily and safely. Thus, you will be able to take advantage of the advantages of technology and innovation.

✔ Challenge the system, do not accept fiat money as something natural or inevitable. Question the power and authority of those who create and control money. Claim your rights and freedoms as a user and as a citizen. Support initiatives and movements that promote change in the monetary system. Thus, you will be able to contribute to the transformation and improvement of society.

Let's not fool ourselves, fiat money is the worst type of money there is. It is worthless, inflationary, debt, unfair money that causes crises, wars, corruption, crime, moral and cultural degradation. It is broken, and it is leading us to the abyss. That is why I invite you, even if we do not achieve it, to educate the new generations to free themselves from fiat money and explore the alternatives that exist. There are other forms of money that are fairer, more stable, more secure, more free, that will allow you to live and make the world a better place.

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✍ Originally Posted: Publish0x