Summary of The Fiat Standard

The Fiat Standard: The Rise and Fall of Money in the Twenty-First Century is a book by author and financial journalist Rana Foroohar that explores the history and future of money and its implications on the global economy. The book looks at how traditional currencies are losing their value, while new forms of money such as cryptocurrencies become more popular. Foroohar also examines the history of gold as a form of money, and how it historically served as the global “reserve currency”. The author then discusses the rise of and challenges associated with the US dollar as the world’s major reserve currency and the global economic system. In her analysis, Foroohar also examines the implications of the 2008 financial crisis, and the role of central banks, technology, inequality, and politics in shaping the twenty-first-century global economic system. Additionally, the book looks at the potential for the development of a new global reserve currency and the potential impacts of this new money.