I would like to learn more about fiat and why a fiat standard is doomed to fail. I am a complete newbie in everything economics.
Video sources are preferred but also quality tutorials are ok.
How is fiat created? Why is it debt-based? How does it create inflation? How do banks, central banks and world governments manipulate all this?
Why was the gold standard better, and what could happen under a bitcoin standard?
Bear with me, I dont know much about this thing. What would you suggest for a newbie who doesnt know much about the topic to do. The terminology will also probably be completely new to me.
THX
The number one reason why fiat fails is due to inflation, as it increases from time to time, so in most cases you see the the forces of demand and supply in one way or the other affect the prices of goods and services in the market which in turn weakens monitory values in most countries. The major policies for central banks in different countries to use is being controlled by policies of IMF and world Bank, because they are the big boys in policy formulations, they determine the value of your currency on the international market.
As for Gold, gold is a precious stone that has the same value in any part of world, though the price can be manipulated on the international market, but same cannot be done bitcoin of its decentralized nature.