The Fiat Standard: The Debt Slavery Alternative to Human Civilization

The fiat standard was born out of the need for governments to manage their de facto default on their gold obligations.

This was the fiat standard protocol installation, and the whole world copied it: run unsustainable deficits, default by confiscating and restricting the movement of gold, suspend redemption, increase the supply of paper notes, and if you can, try to get other countries to hold your currency as reserve. The U.S. did it best.

The Financial Times would only issue a correction 103 years later,7 when this matter was finally uncovered after some sleuthing in the bank’s archives