“In all countries of the so-called ‘free world,’ money represents nowadays a government controlled irredeemable paper, or ‘fiat,’ money standard. The widely held view is that this money system would be compatible with the ideal of a free society and conducive to sustainable output and employment growth. To be sure, there are voices calling for caution. Taking a historical viewpoint, Milton Friedman stated: ‘(…) the world is now engaged in a great experiment to see whether it can fashion a different anchor, one that depends on government restraint rather than on the costs of acquiring a physical commodity.’ Irving Fisher, evaluating past experience, wrote: ‘Irredeemable paper money has almost invariably proved a curse to the country employing it.'” Read more.