Dear Readers,
I spend a lot of time in this newsletter extolling the virtues of Bitcoin and highlighting the deficiencies of fiat. That focus is of course intentional on my part, as most people on the planet, including myself, aren’t old enough to remember the time before money was created solely by a decree (i.e., “fiat”) from the governments of the world. In other words, it can be difficult to understand how egregious fiat really is when one has no experience with any alternatives.
Perhaps nothing is more illustrative of the destruction caused by fiat than a review of the hyperinflationary episodes that have plagued every fiat currency throughout history and have bankrupted the people misfortunate enough to have used them.
