How Fiat Money Broke The World

Jimm Song with yet another great essay on fiat currency and a sample of the ills it brings:

The dollar continues to be the backstop for every country, especially those undergoing hyperinflation and it will take a while until the inflation in the dollar is noticeable enough. For people experiencing hyperinflation, the historical U.S. dollar expansion rate of some 7% per year is a small price to pay for something stable.

The real changes will happen when the dollar has expanded so much that it’s undergoing hyperinflation itself. This, unfortunately, will take a long time. Maybe this could happen quicker in a world that has two reserve currencies, say a bipolar world with BRICS on one side and U.S. allies on the other. But rest assured, when the transition away from the dollar happens, it will be quick. Hyperinflation takes a lot to get going, but once started, there’s no real stopping it because there’s no regaining that trust.

Until then, it’s our job as Bitcoiners to get ready. And that’s not just stacking sats, though that’s certainly necessary, but in building the infrastructure to handle the massive wave of demand that’s coming.

Hold and build because a better future is coming.

Master Asked on March 9, 2023 in Bitcoin.
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