I feel like it is happening right now in slow motion. First slowly, then...

Fiat is the tail expression of debt.

Focus on debt solvency.

Fiat reserves are the base layer of the banking system. But the "money" that is most widely used and accepted today is bank credit, which is created through bank loans. Loans which need to be paid back with interest. As a result there is always more demand for bank credit than actually exists at any given time.

This answer will give you some perspective I think.

What do you expect a monetary collapse to look like? Typically, its hyperinflation and we have seen that with multiple FIAT currencies. The type of collapse I believe people expect in the stronger FIAT currencies though, are the type of collapses that would actually hold together...if people were willing to put up with a period of monetary pain...followed by another period of monetary pain...followed by another period of monetary pain, so good so far I mean I'd say we have with 2008 and the monetary pain of COVID managed to only burn a few cities so far. Followed by monetary discomfort for 10 years followed by monetary pain....(housing crisis, cost of living crisis, uncomfortable inflation but not hyperinflation).

Are you following me? The collapse part in this case is more about what people do in response to monetary pain than it is about the pain itself.

I think when people watch Ray Dalio's "How the Economic Machine Works" they think its great. They feel comfort in knowing that it all works. They don't see or maybe they ignore the problems with it and think it all works out. Like there's a plan and we just have to follow it....

Every fiat currency has collapsed in human history.

The waves are long, like 100-200 years. The US is overdue.

By the same thing that the sun don't turn into a red giant, just need time.

Fiat is long dead, it hasn't been buried yet. Time. I say time. And you are not seeing the collapse of fiat because you haven't checked your financial privilege yet. Come to Africa, precisely Nigeria, you'll see wonders.

Because there are people still willing to accept it, even in hyperinflationary countries, people are still operating with the currency failing faster trying to get the most value they can out of it changing hands.

It's the base layer of each country and the most liquid medium of exchange, while the underlying unit of measurement is failing the payment networks and liquidity is robust

Nations have collapsed from war and their fiat get swapped for some other fiat. it's pretty much a never-ending cycle