[ghurtado]

> It's fiat wealth so... write the ledger however

I'd like to see a serious study about the word "fiat" and whether it has been used to make a single valid economic argument in the last 30 years (auto maker excluded)

Just kidding, I know it has not.

[throwway120385]

The whole point of it seems to be to dismiss the entire economic system in favor of something that almost nobody has bought in to like bullion or cryptocurrency or somesuch for the benefit of the speaker. Currency, even paper currency, is one of the most pervasive societal "grand illusions" that we share. But that isn't necessarily a bad thing as it greases the entire system of exchange for literally everyone everywhere.

[marcosdumay]

Well, history has those uniquely medieval (or early modern) situations where kingdoms adopt fiat currencies just before they fail. I dunno how much academics discuss those.

[snapcaster]

Well, history has those uniquely medieval (or early modern) situations where kingdoms adopt fiat currencies and don't fail. I dunno how much academics discuss those

[snapcaster]

Yeah, so funny how they say "fiat" but never say "shiny metals"

[bluecheese452]

The judges of validity will be the architects of the current system.