Every experiment in fiat money (and fractional reserve banking) going back thousands of years fails always.

Our time IS DIFFERENT, but potenially in a more catastrophic way, because this is the first time the whole word has been under such a system, and for the longest continious period of time.

The most prosperous, stable and longest lasting economic system the word exerienced was created by Constantine the Great who invented a standardised, commodity-based monetary system that lasted for 8-900 years. It spread across the "known" world, and only ended with the beginnings of fractional reserve banking, and "derivities" (modern banking's stepchild), which in turn became linked to the start of the Dark Ages - a product of monetary collapse.

Holding fiat money today is akin to investing in "Tulip Mania" before the bust.

--- Sorry, I don't mean to lecture, I just get carried away on this subject.

VP