This book on FIAT is perhaps the most definitive work on this subject, tracing the origin of this theory of FIAT and why it has become so distorted. The lack of understanding of what even constitutes FIAT, that all paper currency is just FIAT because it is not backed by some commodity, prevents us from comprehending not merely what money is, but its role within the global economy. Coins over the century could be struck in gold, silver, bronze, or some copper-alloy, and if their value was decreed to be worth far more than their metal content. FIAT is by no means just paper money. There were people who proposed issuing a platinum coin with a value of $1 trillion to pay off the debt? That too would be FIAT.

Then there is the questionable Elastic Money used by central banks creating inflation combined with discredited Keynesian Economics assuming society can be manipulated with interest rates. But is money exclusively the product of a central bank? Has debt become money that just pays interest? Are we blaming the gun for a murder rather than the person who pulls the trigger? Is debt a part of the monetary system? Does bank lending create money privately? Where does BITCOIN fit into this quagmire of trying to define what is actually money?

These are just some of the questions answered in this important

2^nd Edition now available for everyone.