The fiat standard has led to financial instability from "summary" of The Fiat Standard by Saifedean Ammous
The fiat standard has created a system where governments and central banks have the power to manipulate the money supply at will. This ability to print money out of thin air has led to a situation where currencies are constantly losing value, eroding the purchasing power of savers and workers. This erosion of wealth through inflation is a hidden tax that disproportionately affects the poor and middle class, as the wealthy have access to assets that can protect them from the devaluation of currency. Furthermore, the fiat standard has incentivized reckless spending and borrowing by governments, as they can simply print more money to cover their debts. This has led to unsustainable levels of public debt in many countries, which could eventually result in a sovereign debt cris...
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