What Bitcoin Did Fiat Money, Inflation & the Collapse of Civilization | Saifedean Ammous
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Dec 16, 2025 
Saifedean Ammous, an economist known for his work on money and Bitcoin, dives deep into the hidden history of fiat money and its impact since 1914. He argues that inflation is a cultural threat, distorting savings and longer-term thinking. Central banks, he posits, enable endless deficits without public consent, fundamentally changing civilization. Ammous also presents Bitcoin as a groundbreaking alternative that could reshape financial landscapes, emphasizing its role as a price technology and its potential to prevent future wars.
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1914 Was The Real Monetary Turning Point
- World War I (1914) was the real break from the gold standard, not 1971. Saifedean Ammous argues simultaneous major-power departures and capital controls created a lasting fiat system.
Bank Officials Bought Britain's War Bonds
- Britain failed to sell war bonds in 1914 and two Bank of England officials bought the majority to fund the war. Ammous describes this as the institutional birth of fiat finance and Britain's entry into WWI.
Money Hardness Sets Time Preference
- Money hardness controls society's time preference and long-term planning. Ammous links inflationary fiat to higher time preference and the unraveling of civilization.
