4 min read.Updated: 28 Dec 2021, 09:38 PM ISTVivek Kaul
Fiat money overprinted as hardship relief isn’t solving people’s problems and a corrective is in order
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In 2012, I interviewed the economist Russell Napier. In the four years since the financial crisis of 2008 had broken out, Western central banks had printed a lot of money in order to prevent an economic depression. Being younger and more naive, I had asked Napier if he saw the fiat money system as it exists surviving, to which he replied: “The history of the fiat currency system is really the history of democracy." In the fiat money system, paper money is not backed by any commodity, as has largely been the case historically.