42. The Fiat Standard, Chapters 4-7
The Bitcoin Standard Podcast
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The Importance of Fiat in the Development of Central Banks
In this chapter, I try to understand the way in which nodes on the fiat network communicate and deal with one another. And realizing that in the case of central banks, you see what this Fiat system has created is a hugely problematic system for the world's countries. The entire political process is subverted by the fact that the country itself does not pay or the government does not finance its operation from its own citizens. This is effectively the consequences of monetizing debt. This is the consequence of turning money into debt. So then in the next chapter, it's chapter six. I go over trying to understand what is friction good for.
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