What Is Fiat Currency?

The central bank holds real money, which is gold. They have the exclusive authority to counterfeit or inflate paper tokens for that money. No one else can print money. Inflation is slow motion default. Government has accumulated too much debt. It cannot pay it back. What does it do? It prints money to pay back the debt. That externalizes the cost of that debt on two productive market actors. So now what is fiat currency? It's a totalizing pyramid scheme that a select few can just produce new debt tokens. And so in the piece, masters and slaves of money, I wanted to write something that was very accessible to people to just understand like what Fiat currency is.

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