• This opinion editorial by Jimmy Song discusses how fiat money debases our beliefs and creates a culture of obsession with money.
• He explains how this leads to the proliferation of sycophantic yes-men who are willing to conform to government commands and the wealthy who must invest their money to keep up with its debasement.
• He highlights the lack of ideological diversity in wealthier circles and points out that those without any savings are bombarded by offers of debt, which further perpetuates the cycle.
Fiat Money Devalues Beliefs
Fiat money has a detrimental effect on our beliefs, values, and morality. We need belief in order to have purpose, but when we rely on fiat money it encourages us to focus obsessively on acquiring wealth instead. This leads people to become sycophantic yes-men who will do whatever the government tells them, leaving no room for genuine beliefs or ideological diversity.
The Rich Get Richer
In order to stay rich in a fiat economy, people must continuously invest their wealth into different ventures such as stocks, real estate, venture funds, private equity, and SPACs. As these investments require constant attention and updates, there is little time left for other pursuits or meaningful beliefs. This also creates an elitist class where those with enough wealth can take advantage of Cantillon games while others remain shut out due to their lack of resources.
Those without any savings are exposed more intensely to offers of debt such as loans and credit cards. This perpetuates the cycle since they have no choice but to acquire more debt if they want access to basic goods and services that everyone needs. The lack of financial literacy only further entrenches them into this system since they don’t understand how it works or what options exist outside of it.
The Nihilism Problem
This obsession with fiat money has created a culture where those who succeed don’t believe in anything outside of it – leading many people down a path towards nihilism where nothing matters except for making money at all costs. Events like the COVID-19 pandemic highlighted this problem even further as governments were able tell people what they should believe almost overnight – resulting in mass conformity among citizens that is eerily reminiscent of George Orwell’s „1984“.
Fiat money is having terrible effects on our society because it devalues traditional beliefs while encouraging an unhealthy obsession with wealth accumulation at all costs – leading many people down a path towards nihilism while creating an elitist class that only gets richer as time goes on due its ability take advantage special opportunities not available to others.