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RE: Why is public banking important?
Fiat is a mere token with government backing but not backed by any asset of intrinsic value. The choice now is to either have tokens backed by the government or backed directly by you.
The fact the government is only our representative should be of no problem. Theoretically the govt wants what we want and it should do what its told by us. Now we all know that's not going to happen. So we are going to choose a path that allows us to do it peacefully.
PS: Last few days have been crazy. I haven't been able to read all the posts as I usually do, but now I am back on saddle. So no worries :-)
Great to see you back @hashcash - I trusty everything worked out well enough.
"Fiat" is a broad term I am sure you will agree. In practice, the quality of the fiat currency comes down to the strength of the sovereign. The USA dollar may fare well relative to other fiat currencies. In the land of the blind, the one-eyed man is king.
That about sums it up. Fiat's only backing is by the government and bigger the stick the said government holds, more leveraged is the paper it backs.