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The Anti-Bubbles by Diego Parrilla

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CHAPTER 6

Testing the Limits of Fiat Currencies

No Free-Lunch Economics

I am a believer in the “no free-lunch” Austrian school of economics. I believe that monetary policy and credit markets have limits and that the current path is unsustainable and something has to give.

Fiat Currencies

As Voltaire warned us: “The value of paper money eventually converges to its intrinsic value: paper,” a very skeptical view of the incentives and behavior of the Governments issuing such paper.

Indeed, fiat currencies are an act of faith in the Central Bank and Government who created it. History is full of examples of Governments who tried to finance their wars and/or social programs by printing money, taking advantage of the ignorance of their people and/or ...

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