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140 - The Future is Fiat | Noah Smith (Noahpinion)
Bankless
Are You Bullish on the Future of the Dollar?
The dollar is not backed by anything except the Federal Reserve's promises to keep inflation low. No one has ever come with a better system for buying pizza than fiat, and you can tell because Americans eat a lot too much pizza. Commodity money is not likely to replace the dollar. And we hope that the euro would take some of the burden away from the dollar. The Yuan is the other big contender; China just has to change its whole society so that it doesn't try to control everything.
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