Topic: Over the Past 300 Years, No Fiat Money Has Escaped Going to 0 - page 3. (Read 451 times)
Fiat doesn't work that way though, it loses its value via inflation and if we consider it as going zero, I think that I can name a few that did that, there is the Deutsche Mark during World War 2, the Zimbabwean Dollar and Venezuelan Bolivares. I think that the only time that fiat will become zero is when the government that backs it up and makes it a legal tender collapses or an apocalypse where resources are more valuable than paper money.
It eventually will. And I believe debt and saving is the main issue why such eventuality come to happen. It's not all sad though, especially now that we have bitcoin and cryptocurrencies, which can very well act as the currency of the future. So it's not like we are left with no choice here. But I digress, we should all get our balls ready for this happening, it's slowly coming to reality, and it's just going to be a matter of time until such event happens.
If not zero, then perhaps replaced or abandoned. Such is probably the fate not just of all fiat money but all forms of money. However, it seems fiat money is the weakest form. It is built upon very unstable, untrustworthy, and shaky a foundation. Backed with nothing, fiat money is meant to die sooner or later. It may be a truly amazing creation, but one which is not expected to last, especially because it is susceptible to human manipulation and abuse. And as we all know, with massive power, which is what control over fiat is, humans can't be trusted.
Aren't you forgetting about the British Pound? It lost a lot of value over the year but I don't think it ever went to 0.
Even if we changed it to 99% of fiat money crashes every 300 years, does it mean we have to wait for it to happen? The Lira is dying as we speak but it won't make people lose everything if they get rid of it and invest.
Even if we changed it to 99% of fiat money crashes every 300 years, does it mean we have to wait for it to happen? The Lira is dying as we speak but it won't make people lose everything if they get rid of it and invest.
So 1720 the pound had a value of above zero
2021 the pound has a value of above zero.
So topic title is false.
Maybe switzerland 🇨🇭 has also done it.
Not sure about any other place.
Maybe not the swiss. looks like the swiss franc dates to 1798.
Usd dates to maybe 1781 not 1776.
but the pound certainly makes title wrong.
This is the first time I hear something like this about fiat currency and this is the reason why the government shouldn't be totally trust because they usually say/do things that will be profitable to themselves while they keeping lying to us about the history and the in-depth issue of fiat currency. I believe people like Kiyosaki have already known this which is why he also supported Bitcoin last year but why the government didn't totally support Bitcoin so people can benefit from it.
With that been said, after search the above quotation as advised by Hydrogen and I find out that the issue was once addressed on this forum before.
With that been said, after search the above quotation as advised by Hydrogen and I find out that the issue was once addressed on this forum before.
Anyone interested in this topic, I would recommend doing a keyword search for the above quotation. ("Paper money eventually returns to its intrinsic value -- zero." --Voltaire)
The rich (or not so rich) history of fiat has been well documented and published many times over the last few years.
As deficits grow and later quantities of fiat are printed to appease debts/liabilities, I suspect the number of pieces published on this topic will multiply.
Aren't you forgetting about the British Pound? It lost a lot of value over the year but I don't think it ever went to 0.
Even if we changed it to 99% of fiat money crashes every 300 years, does it mean we have to wait for it to happen? The Lira is dying as we speak but it won't make people lose everything if they get rid of it and invest.
Even if we changed it to 99% of fiat money crashes every 300 years, does it mean we have to wait for it to happen? The Lira is dying as we speak but it won't make people lose everything if they get rid of it and invest.
Some are afraid that we will return to zero, and every year we move away from it. Over the Past 300 Years, No Fiat Money Has Escaped Going to 0
Listen https://podclips.com/c/maVy2k?ss=r&ss2=bitcoin&d=2021-03-22
Listen https://podclips.com/c/maVy2k?ss=r&ss2=bitcoin&d=2021-03-22
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