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This is an opinion editorial by Logan Chipkin, a freelance writer interested in Bitcoin, economics, physics, philosophy and history.

Money doesn’t make the world go ‘round. Ideas do.

In “The Fiat Standard,” economist Dr. Saifedean Ammous explains how our devolution from a hard money standard to a fiat standard has caused distortions in virtually all of the modern world’s fundamental sectors: education, nutrition, energy, science and medicine, to name a few.

As Ammous writes: 

“…[Fiat] severs the connection between work and reward. Rather than the market offering individuals reward for their work as valued by the others they serve, fiat money makes monetary reward highly dependent on political obedience and connections. Instead of learning to be productive, fiat teaches you to play politics. Instead of work being rewarded based on its productivity, it is rewarded based on artificial status games.”

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