The Pitfalls of Fiat Currency and Monopolistic Banking

Fiat currency systems create a centralized monopoly in banking that restricts individual freedom and choice, forcing people to rely on potentially unscrupulous banks. This dependency can lead to the devaluation of savings, as governments protect banks in return for financing, effectively putting societal savings at risk. As long as the fiat system maintains its perceived value, it can operate sustainably, allowing irresponsible government spending. However, countries like Lebanon illustrate the eventual collapse of such systems, characterized by debts outpacing income sources, leading to dire consequences for savings when governments cannot repay debts. The systemic nature of banks intertwines with government bonds, making society's savings collateral for debt, which becomes unsustainable. Once governments begin to print money to meet obligations, currency values plummet, exemplified by Lebanon’s severe devaluation where currency has lost 98% of its value. Thus, fiat currency and monopolistic banking not only restrict financial autonomy but also imperil public wealth, culminating in economic ruin for depositors.