The Fiat Standard

The Fiat Monetary System Is Examined As A Technology, From An Engineering And Functional Perspective, Outlining Its Purposes And Common Failure Modes, And Deriving The Wider Economic, Political, And Social Implications Of Its Use. In Between The Relentless Propaganda Of Its Enthusiasts And The Rabid Venom Of Its Detractors. I Think That Using This Method To Write The Bitcoin Standard Helped Hundreds Of Thousands Of Readers In More Than 20 Languages Understand The Significance And Implications Of Bitcoin, Making It The Best-selling Book On The Subject To Date. I Decided To Focus On Why It Operates The Way It Does And What The Implications Are, Rather Than The Specifics Of How Bitcoin Operates.
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The Fiat Standard: The Debt Slavery Alternative To Human Civilization Book By Saifedean Ammous PDF Free Download.

The Fiat Standard PDF Free Download

Author And Economist Saifedean Ammous Has Achieved International Bestseller Status. Ammous Published The Best-selling Book On Bitcoin, The Bitcoin Standard: The Decentralised Alternative To Central Banking, In 36 Languages In 2018. He Released The Fiat Standard In 2021, Which Is Available In 12 Languages And Offers A Debt Slavery Alternative To Human Civilization. Saifedean Will Release Principles Of Economics In 2023, A Thorough Textbook On Economics In The Tradition Of The Austrian School. On His Online Learning Platform Saifedean.com, Saifedean Offers Courses On The Economics Of Bitcoin And Economics In The Austrian School Tradition. He Also Hosts The Bitcoin Standard Podcast.

From 2009 To 2019, Saifedean Taught Economics At The Lebanese American University. He Has A Doctorate From Columbia University In Sustainable Development, A Master’s Degree In Development Management From The London School Of Economics, And A Bachelor’s Degree In Mechanical Engineering From The American University Of Beirut.

If You Liked When Bitcoin Standard First Came Out, You’ll Love This. Superb Book. Gives A Great Perspective On How Evil The Legacy Financial System Based On Fiat Is.

This Is A Comparison To The Current Central Bank-issued Money System, Which Is Seen As A Rival Technology That Blatantly Benefits The Ruling Government And Its Allies And Is “Mined” By Financial Institutions. Several Areas, Including Architecture, Food, Science And Education, Fuels, And International Organisations, Have Gotten Worse Since The End Of The Gold Standard, According To The Author Of A Stroll Through History;

Unfortunately, The Author’s Personal Beliefs Have Significantly Ruined This Section (Promoting A Meat-rich Diet, Denying Climate Change, Etc.). These Are Highly Personal Opinions Outside The Author’s Competencies. The Third Section Of The Book Shifts Focus To Bitcoin And Explains How The Illustrated Flaws In The Fiat System Can Be Fixed As Well As Possible Outcomes. The Reader Is Once Again Optimistic About Bitcoin After Reading The Details On Second-layer Scaling And Energy Use, Which Are A Welcome Update To His Earlier Book.

The 18-chapter Sequel To The Bitcoin Standard By Saifedean Ammous From 2018 Demonstrates How The Technology Used As Money Influences How A Society Develops. A Discussion Of The Transition From The Gold Standard To The Fiat Standard Is Followed By An Analysis Of A World Dominated By Fiat Currency, And Finally A Potential Shift To The Bitcoin Standard. Although The Book Seems To Go Far In Its Attempt To Pin The Blame For Many, If Not All, Societal Issues On Fiat Currency, It Undoubtedly Highlights Significant Issues That Require Further Attention.

The Treasury Has Instructed The Post Office And All Public Departments Charged With The Duty Of Making Cash Payments To Use Notes Instead Of Gold Coins Wherever Possible In Light Of The Need Of Strengthening The Country’s Gold Reserves For Exchange Purposes. In The Interest Of The Country, The General Public Is Kindly Requested To Assist The Treasury In Implementing This Policy By: (1) Paying The Post Office And Banks In Gold; (2) Asking For The Payment Of Checks In Notes Rather Than In Gold; And (3) Using Notes Rather Than Gold For The Payment Of Wages And Cash Disbursements In General.

The Bank Of England Effectively Started The Global Monetary System’s Transition Away From The Gold Standard, In Which All Bank And Government Obligations Were Redeemable In Physical Gold, With This Obscure And Mostly Forgotten Announcement. Gold Coins And Bars Were Still Widely Used At The Time, But Their Utility For International Trade Was Limited, Necessitating The Use Of International Banks’ Clearing Systems. The Bank Of England Was The Largest Bank At The Time, And It Was Known For Its Sterling Currency, Which Had Earned The Reputation Of Being As Good As Gold Over Many Centuries.

The New Global Monetary Standard Was Created Around Government Regulations, Hence Its Name, As Opposed To The Predictable And Dependable Stability Naturally Provided By Gold. The Latin Phrase “Let It Be Done” Is Translated As “Let It Be Done” In English, And It Has Come To Mean A Formal Decree, Authorization, Or Rule. It’s A Good Term For The Current Monetary Standard Because It Most Distinguishes Itself By Substituting Government Decrees For Market Judgement. Value On The Fiat Base Layer Is Not Based On A Physical Good That Is Freely Traded, Rather, It Is Decided By Authority, Which Can Control Its Issuance, Supply, Clearance, And Settlement, And Can Even Confiscate It At Any Time It Sees Fit.

Peaceful Exchange On The Market No Longer Determined The Value And Type Of Money With The Shift To Fiat. Instead, It Was The Winners Of Major Wars And The Gyrations Of Global Geopolitics That Would Determine The Kind Of Medium And Its Price, Which Makes Up Half Of Every Market Transaction. While The 1915 Bank Of England Announcement And Similar Ones At The Time Were Thought To Be Temporary Emergency Measures Required To Fight The Great War, The Bank Has Yet To Resume The Promised Redemption Of Its Notes In Gold More Than A Century Later. Temporary Agreements Limiting Note Conversion To Gold Have Evolved Into The Long-term Financial Framework Of The Fiat System That Developed During The Following Century. The Main Currencies Of The World Would Never Again Be Fully Redeemable In Gold.

The Aforementioned Decree Could Be Compared To Satoshi Nakamoto’s Announcement Of Bitcoin In An Email To The Cryptography Mailing List, But Unlike Nakamoto, His Majesty’s Government Did Not Provide Any Software, A White Paper, Or Other Technical Details On How Such A Monetary System Could Be Made Usable And Practical. The His Majesty’s Government Relied On The Appeal To Authority And The Emotional Manipulation Of Its Subjects’ Sense Of Patriotism, As Opposed To Satoshi’s Impersonal And Dispassionate Tone’s Cold Precision. It Took Two World Wars, Dozens Of Monetary Conferences, Multiple Financial Crises, And Three Generations Of Governments, Bankers, And Economists Battling To Finally Bring About A Fully Operational Implementation Of The Fiat Standard In 1971 As Opposed To Satoshi Who Was Able To Launch The Bitcoin Network In Operational Form Just A Few Months After Its Initial Announcement.

A Fiat System Assessment Is Now Both Possible And Required, Fifty Years After Taking On Its Final Form, And A Century After Its Origin. It Is Unreasonable To Continue Dismissing The Fiat System As An Unredeemable Fraud That Is In Danger Of Collapsing, As Many Of Its Critics Have Done For Decades, Given Its Longevity. Many People Who Are Nearing The End Of Their Lives Today, Much Like Their Long-deceased Parents, Have Never Used Anything Other Than Fiat Money. This Cannot Be Dismissed As An Unknown Fluke, And Economists Should Be Able To Explain How This System Works And Survives, Despite Its Numerous Clear Flaws. There Are, After All, Many Markets All Over The World That Have Seen Significant Distortions As A Result Of Governmental Interventions, Yet They Have Managed To Survive. To Try To Explain Why These Interventions Continue Is Not An Endorsement Of Them.

Additionally, It Is Improper To Evaluate Fiat Systems Based On The Promotional Materials Produced By Their Backers And Beneficiaries In Publicly Funded Academia And The Popular Press. Despite The Fact That The Global Fiat System Has So Far Avoided The Total Collapse That Its Critics Had Predicted, This Does Not Justify The Promotion Of It As A Free Lunch Maker With No Opportunity Cost Or Consequences. Using Fiat Monetary Systems, More Than Fifty Episodes Of Hyperinflation Have Occurred Globally During The Course Of The Last Century. Furthermore, It Is Not Enough To Support The Claim That The Global Fiat System Has Facilitated Positive Technological, Economic, And Social Development.

The Fiat Monetary System Is Examined As A Technology, From An Engineering And Functional Perspective, Outlining Its Purposes And Common Failure Modes, And Deriving The Wider Economic, Political, And Social Implications Of Its Use. In Between The Relentless Propaganda Of Its Enthusiasts And The Rabid Venom Of Its Detractors. I Think That Using This Method To Write The Bitcoin Standard Helped Hundreds Of Thousands Of Readers In More Than 20 Languages Understand The Significance And Implications Of Bitcoin, Making It The Best-selling Book On The Subject To Date. I Decided To Focus On Why It Operates The Way It Does And What The Implications Are, Rather Than The Specifics Of How Bitcoin Operates.