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The Fiat Standard
382 pages, 2021
economics & politics
987 booksIn his newest book, The Fiat Standard, world-renowned economist Saifedean Ammous applies his unique analytical lens to the fiat monetary system. This time, Ammous delves into the world's shift from the gold standard to today's system of government-backed fiat money—outlining its purposes and failures; deriving its wider economic, political, and social implications; and examining how bitcoin will affect it over time.
With penetrating insight, Ammous analyzes global political currencies by analogy to bitcoin—how they're "mined" whenever government-guaranteed entities create loans; their lack of inherent restraints on inflation; and the rampant government intervention that has resulted in heavy distortions to global markets for food, fuel, science, and education.
The Fiat Standard by Saifedean Ammous is a deep exploration into the world of fiat money. It's a must-read if you want to understand how our current monetary system works, and why it's so different from the gold standard that preceded it.
Ammous digs into the impact of fiat money on society. He argues that it has led to a culture of debt and consumption, rather than saving and investment. This is a thought-provoking perspective that might change how you see the world.
Central banks play a key role in the fiat standard, according to Ammous. He explores how they control the supply of money and influence the economy. If you've ever wondered why central banks matter, this book will give you the answers.
What does the future hold for money? Ammous takes a look at this question, suggesting that cryptocurrencies like Bitcoin could offer a viable alternative to fiat money. If you're interested in the future of finance, you'll want to check out his arguments.
The Fiat Standard isn't just a research into fiat money; it's also a critique. Ammous argues that the system is flawed and unsustainable in the long term. Whether you agree with him or not, his arguments are worth considering.