Many people anticipate the demise of fiat currencies, for good reasons. This is the motivation for calls to return to the gold standard--currency backed by the tangible value of gold--or the equivalent use of bitcoin.
What few seem to ask is: why did authorities embrace fiat currencies in the first place? What prompted them to replace a gold-backed monet…
Money, Credit, Growth and Depression: It's Complicated
If "growth" is all that matters, that leads to depending on credit and asset bubbles, which are self-liquidating in ways few see because, well, it's complicated.
