42. The Fiat Standard, Chapters 4-7
The Bitcoin Standard Podcast
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The Cantillon Effect in Fiat Money
The key thing to understand is that in the fiat system money is debt, when debt is created, new money is created. Everybody benefits from getting into debt because every time you get into debt, into debt, somebody is creating new money. The political climate that was created by inflationism meant that the genie was out of the bottle and there was no putting it back. So unlike Bitcoin, this was not something that was designed, this was something that emerged from a political process.
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