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RE: Why is public banking important?
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.