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The current fiat system has be around for about 50 years. Don't you think it is a little premature to compare it with 5000 years of monetary history and declare
by insert_coin 6y ago
The current fiat system has be around for about 50 years. Don't you think it is a little premature to compare it with 5000 years of monetary history and declare it a winner?
In any case, the fact that fiat money has not been able to prevent the business cycle from creating devastating crises would seem to imply otherwise.
- arcticbull 6y agoThe World Wide Web has only been around 30 years don’t you think it’s a little premature to compare it with 5000 years of carrier pigeons and horse drawn letter delivery? I for one remain unconvinced. Ooh my pigeon just arrived! I wonder what news she brings from the Capital! ;)
- insert_coin 6y ago> don’t you think it’s a little premature to compare it with 5000 years of carrier pigeons and horse drawn letter delivery? No. It is almost as if the two situations are not related.
- arcticbull 6y agoI’m just saying the length of time it’s been around isn’t the sole determining factor of whether it’s demonstrated value, or of whether the system it replaced is better or worse. You have to evaluate that on its own merits, and yeah I do think 50 years is long enough to begin to draw some meaningful conclusions. Otherwise "50 years is too soon" seems like some arbitrary conclusion you've reached without a real basis?
- aeternum 6y agoFiat money isn't new, in general the transition between hard money (gold/metal), paper money, and fiat is cyclical. The transition from fiat to hard isn't always pleasant. Some nice graphs from Ray Dalio that show it plotted out for various currencies throughout history if you scroll down: https://www.principles.com/the-changing-world-order/#chapter3 https://www.principles.com/the-changing-world-order/#chapter...