Fiat Ruins Everything: How Our Financial System Is Rigged and How Bitcoin Fixes It

by Jimmy Song, David Perell (foreword)

You are being stolen from. Your money is being debased, your labor is being debased, your civilization and all of its institutions are being debased. You're having to work longer for less pay. You see your friends and family less and less. You eat worse food, you sleep a little less, and your neighborhood gets a little more impersonal every year. Your life is getting worse, and you are paying for someone else's excess. How did this happen, and why is it happening? Fiat Ruins Everything is an analysis of the debasement of the modern world from our banking system and real estate to our educational system and art. Learn why these systems keep getting worse and why Bitcoin will make things better.Fiat Ruins Everything delivers a knockout punch, unmasking the pervasive destruction caused by the fiat currency system while highlighting the hope found in Bitcoin. The riveting narrative cuts to the heart of society’s ills and exposes the dark truth of our current financial system while also offering a transformative vision for the future. This is essential reading for anyone that feels played by the current system but knows, deep down inside, that prosperity and abundance can still be achieved.
— Preston Pysh, Host of The Investor's Podcast

If you sense that something is wrong, but you can’t quite put your finger on it, read this book. Society is being corrupted and Jimmy neatly spells out why with excellent examples that bring his point home. This is a wide-ranging book touching on morality, economics, family, investing, business, and even airline miles. But more than just spelling out problems, Jimmy offers solutions. Fiat Ruins Everything is a thoughtful exploration tracing out the many problems brought about by fiat money, and it’s well worth the read.
— Stephan Livera, Host of the Stephan Livera Podcast

For the vast majority of people living in modernity, it is becoming increasingly difficult to make ends meet. Few understand that this is a direct consequence of the central planning of money. We do not live in a free market economy – we live under the monopolistic dominion of central banks and their weapons of fiat currencies. When money is monopolized and systematically debased, the users of money bear the burden of offsetting the depreciation of their savings by obtaining other sources of income. Seeing that the systematic inflationary theft of fiat currency causes a net reduction in productivity, new sources of income become harder to generate at the same time they are becoming more widely demanded. In other words, fiat currency supply inflation not only steals wealth from savers, but it also inhibits their ability to create new wealth. The only escape from this proverbial “rock and a hard place” is by gaining a deeper understanding of money and then opting out of the fiat currency pyramid scheme. In Fiat Ruins Everything, author Jimmy Song does an excellent job explaining the malevolent nature of fiat currency, and why sound money is the only viable solution to our modern economic malaise.
— Robert Breedlove, Host of The "What is Money?" Show

Jimmy Song is a Bitcoin developer, educator, and entrepreneur. He’s a programmer with over 20 years’ experience, an open source contributor to many different Bitcoin projects, and the author of Programming Bitcoin, The Little Bitcoin Book, Thank God for Bitcoin, and Bitcoin and the American Dream. Jimmy has been a lecturer at the University of Texas, an expert witness in legal cases involving Bitcoin, and is an advisor to multiple companies.

Genres: Money, Economics, Nonfiction

342 pages, Kindle Edition

Published October 29, 2023

Reviews

[Sugar · Rating 5 out of 5]

Song delivers a pointed argument for Bitcoin. At times glib, Song's writing is accessible and informed. He breaks down key concepts well enough for beginners to gain a foothold, while embedding enough insight and technicality to engage the more well-versed.

The structure is reminiscent of a collection of essays or short stories and lends the book a lighter, quicker feel. It is easy to read in small portions, out of order, or binge depending on personal style and time constraints.

As an educator, this would be an interesting book to include in a high school classroom library or college course. The brevity and clarity of the chapters could also make for a good short reading/writing lesson and I'd wager that it will catch the (notoriously elusive) attention of adolescent students.

[Spellbind Consensus · Rating 5 out of 5]

The book "Fiat Ruins Everything: How Our Financial System Is Rigged and How Bitcoin Fixes It" by Jimmy Song argues that fiat currency, which is government-issued currency that is not backed by a physical commodity such as gold or silver, is inherently flawed and destructive. Song argues that fiat currency is subject to inflation, which erodes the purchasing power of money, and that it can be manipulated by governments to enrich themselves and their cronies.

Song argues that Bitcoin, a decentralized digital currency that is not subject to government control, is a better alternative to fiat currency. Bitcoin is limited in supply, which makes it resistant to inflation. It is also transparent and secure, which makes it less vulnerable to manipulation.

The book "Fiat Ruins Everything" has been praised by some for its insights into the flaws of fiat currency and its potential for Bitcoin to be a better alternative. However, it has also been criticized by others for its simplistic view of economics and its lack of evidence to support its claims.

Here are some of the arguments made in the book:
— Fiat currency is not backed by anything of real value, so it is inherently unstable.
— Governments can print as much fiat currency as they want, which leads to inflation.
— Inflation erodes the purchasing power of money, which makes it harder for people to save and invest.
— Governments can use fiat currency to finance their spending, which can lead to debt and economic instability.
— Bitcoin is a better alternative to fiat currency because it is limited in supply, transparent, and secure.

The book "Fiat Ruins Everything" is a controversial book that has been both praised and criticized. It is a thought-provoking book that raises important questions about the future of money.

[Mark Rhysider · Rating 5 out of 5]

If you are looking to get a better understanding of the current world monetary system, I recommend this book. This book discusses fiat currency and why governments should be able to easily print money and the result will be inflation. Also, my understanding is that this is a hidden tax and hidden theft from the people and why people are getting poorer and governments are getting richer day by day (because by printing money, people who are closer to this source take advantage of this opportunity faster and create wealth for themselves, but as this money moves away from the pyramid level, the destructive effects of printing become clearer and the people pay for this printing). We need an inflation-resistant and scarce money that can maintain the value of our assets over time because no one, not even governments, can print money when they need it. Another feature of Bitcoin is its decentralization and security, which is better than fiat currency in every way.
This was some of my impressions of this book, and it makes some notable points.

[Jean Elchinger · Rating 5 out of 5]

I work in IT and I noticed all the things going wrong with economy in the work place (since about 2009-2013). But Jimmy did put words on it even better in this book about current situation with the theft inflation.
He goes into great details on how fiat money debases morality, belief, relationships, marriage, families, charity, art, knowledge, etc.
For charity and art, he made me see it from a perspective I had no idea.
The book is not just about Bitcoin, but also about all the different aspect of things going wrong in our society and why.
I live in Europe, and the same about fiat applies here.

[Bui Quanh · Rating 4 out of 5]

This book kinda has the same vibe as Bitcoin Standard and Fiat Standard of Saidean Ammous. Jimmy wrote decently about Cantillon Effect of the Dollar through economy