
27. The Underlying Technology Behind Fiat Standard
The Bitcoin Standard Podcast
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The Business Cycle Is What Gives Fiat Its Hardness
The credit market itself is self-correcting in a way through the business cycle. That's basically what prevents fiat from degenerating into hyperinflation every five years or so. Professor Steve Hankes says there's been something like 60 hyperinflation in the past 100 years or so, which is remarkably little if you think about it. So people are always trying to find ways of making more money and monetary technology succeed to the extent that they can limit this inflation.That's what Bitcoin has going for it. That's what gold has going forIt.
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