Understanding money is crucial for society from "summary" of The Fiat Standard by Saifedean Ammous
Money is what makes the world go round. It is the lifeblood of any economy, the lubricant that keeps the wheels of commerce turning smoothly. Yet, despite its central importance to our everyday lives, very few people truly understand what money is and how it works. This lack of understanding is a serious problem because money affects everyone, whether we realize it or not. Money is not just something we use to buy things; it is a social institution that shapes the way we live and interact with each other. It is a tool of communication that allows us to trade goods and services efficiently. Without money, we would be forced to resort to barter, a cumbersome and inefficient system that would severely limit our ability to specialize and trade with others. In today's world, money is created by governments and central banks, who have the power to issue currency and regulate its supply. This power is both a blessing and a curse. On the one hand, it allows governments to fund essential services like schools and hospitals, as well as public infrastructure projects like roads and bridges. On the other hand, it also gives them the ability to manipulate the value of ...
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