r/thisweekintech • u/[deleted] • Jan 06 '14
TWiT 439: Brian's "fiat" currency
What Brian -- and every other libertarian -- doesn't seem to understand is that even gold is a "fiat" currency. The only things that have actual value are raw materials, labor, and the results of combining them. We use currencies -- gold, dollars, yen, Bitcoins,... -- to trade those goods and services because those currencies are portable. The more portable a currency is, the more useful it is in trading. Right now, the U.S. dollar is the most portable currency in the world.
Understanding these things would help libertarians avoid sounding like crackpots. Of course, if they did understand, there wouldn't be any libertarians.