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Fiat is backed by Men with Guns – Economist, Nobel prize-winning NY Times columnist Paul Krugman

Fiat is backed by Men with Guns – Economist, Nobel prize-winning NY Times columnist Paul Krugman



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  1. On the first part of his sentence, he is essentially right, usd dominance, in the end, is a derivate of usa gov. military dominance. On the second part, bitcoiners hope is that he is wrong: if bitcoin has value without being backed by army but just because of its cooperative global trust creation, it is a real innovation, and all cynical guys like the interviewed guy are wrong… worstly, they are wrong for a bad attitude towards hope, peace and freedom.

  2. Fiat means, /Faith in Politics/ or /Value by Political Dictate/.

    Fiat and monetized-debt is an ancient system of control that comes from Talmudism, which is a mystery school created by foreigners in Babylon.

    Every people and civilization that broke out of that system of control was attacked by the banking-cult. This includes, Athens, Sparta, Carthage, Sodom, Cairo, Alexandria, Rome, all the way to the American Colonies, Nazi Germany, Libya, Vietnam, Venezuela, Iraq… You should know the rest, it’s many.

    In fact, every war has been about how money is issued.

    Monetized-debt /money/ with interest that forever grows more negative and is issued by a cult-owned mystery private central bank.

    -or-

    A public central bank that issues currency debt-free with no interest that has its value backed by the GDP of a healthy civilization.

    —-

    An open banking system has extremely profound advantages.

    Just look at how much more wealthy the American Colonies became in a short time. England was a wreck after the Rothschilds took over.

    The American Revolution was against the /Rothschild Bank of England/ and not England.

    Look at Nazi Germany, they went from cannibalism level poverty to the space age in only 8 years. Breaking away from the banking cult allowed the Germans to advance humanity over 300 years, in just 8. Very profound, yeah?

    This same pattern can be seen over and over;

    The Greek Enlightenment happened after they broke out of the banking cult system.

    —-

    To add some contrasting texture to OP;

    Human rights only exist where white men with guns exist.

  3. EVERYTHING is backed by men with guns if you abstract it to that level.

    If only one country had guns, they’d take over all the other countries. Japan was able to “conquer” China due to this tech-unbalance.

    Reddit is backed by the threat of violence against any entity that would dismantle portions of it, and so on.

  4. In the past, Krugman has remarked that the US dollar is backed by oil and the US military.

    Basically, the Petrodollar.

    Countries that need to buy oil must buy US dollars to do it.

    The “men with guns”thing is basically that giant military we use to ensure that the Saudis keep their agreement to only sell oil in US dollars.

    Naturally, this is a huge reason why we won’t quit fossil fuels, despite what various politicians say about climate change.

What do you think?

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