This will horrify Libertarians but Fiat money can make sense IF its issuance is directed toward productive investment purposes. But it mostly no longer is. Since the neoliberals of the 1980s deregulated banking, allowing commercial banks to issuance fiat debt finance toward any purpose- not solely productive investments the banks have increasingly issued fiat debt toward non productive housing and real estate. This is a gross misuse of fiat issuance- if you are going to allow it it must be directed toward projects that will likely deliver a return to all citizens via increased productivity- but issuance to non productive real estate speculation does not achieve that. This is the primary reason why western economies are going down the toilet. In contrast the Chinese poliburo ensures that most fiat issuance is toward infrastructure and other productive projects- yes the real estate bubble could be mentioned here but actually it is western bankers who are taking the biggest hit on that. https://www.ft.com/content/4a3cb4ac-8f75-45d5-ba70-66199baebcc3 https://www.reuters.com/business/finance/bluebay-buyer-evergrande-debt-ashmore-ubs-exposed-morningstar-2021-09-27/ Western democracies have been captured by parasitic rentseeking bankers who own our politicians. In the west rentseeking capital patronage directs governments. In China government directs capital allocation. The decay is within our democracies- the apathy and cynicism of the citizens. China looks likely to be the new global hegemony...much to the disbelief of Libertarians.