Have all fiat currencies really failed?
I began to look through history to provide documentation of Mike’s claim. But I ran into a problem: there were too many to include in an article!
So I thought I’d look at just those that went bust since the beginning of the 20th century. There were still too many.
So I looked at just those since I was born in 1958. You guessed it, still too many.
I decided to cut it off at 1975, the year gold was made legal to own again in the US. I still found 17 of them—and that’s not even a comprehensive figure.
As you glance through the pictures, keep in mind that every single one of these currencies is now worthless. They’ve all gone bust, whether they got there quickly or took a century or more. And they’re not all from third world countries, either.
How can this possibly be? As Mike explains, a fiat currency relies on faith—and if it’s not backed by anything (like gold), leaders eventually succumb to the temptation to create more and more currency to solve their financial problems. And that dilution has always and inevitably led to extinction.
The scary part? For the first time in recorded history, all of today’s currencies are fiat.
That’s why Mike believes that before the end of this decade, an economic crisis will hit that will eclipse the Great Depression and 1929 stock market crash…