Why in modern times is Fiat and not Gold the currency in use?
There is little to describe in terms of the benefits of paper currencies, apart from mentioning the obvious fact that they are the dominant mode of exchange for all nations in the world. This sometime skews the view of an individual to believe that if fiat is official currency, then it surely must have been superior to the gold standard to take its mantle? Fiat is a new innovation, one that cannot afford the stability of neither gold nor silver. Since its establishment there has been no parallel to excessive inflation in the peacetime history of man. Gold, unlike fiat can never overstate its earnings, understate its liabilities or declare bankruptcy. But fiat, unlike gold, can be controlled. Where governments have coveted money, they have coveted the ability to control the supply of money. Whereas in the past with a metallic standard they failed miserably – indeed the attempts of Roman emperors to debase coinage led to the fall of the Roman empire – the establishment of fiat currency h
