Finance & Fury Podcast

In today’s Furious Friday episode, we’ll be running through the historical life cycle of fiat currencies. This episode is thanks to John – John wrote in with a few great questions; Is it true that all fiat currencies eventually become worthless? Should we be concerned about printing more and more money - is this something to be concerned about, i.e. the longevity of the AUD?   We will run through: How do fiat currencies fail and what causes it? Is safe-guarding against it something we need to worry about? How would one do this?   History of money Barter economy – was hard for getting values and trading efficiently – hard to travel with a mule to trade their corn Coins – Back by silver or gold Promissory notes – goldsmiths used to house gold for people – those people then give the ownership to others in paper (an “IOU”) – early day banks Skip forward to today – All paper but mostly Fiat or digital currency   Doesn’t have to be fiat to fail – it just has to be controlled by the government A quote from one