The fiat money system came as a solution to the so called ‘problems’ of the gold standard. We, at the time, thought we are now too cool for neo classical economics and started to vouch for classical economics (smh as if it raised us). But wait whoa! What am I talking about? I’m talking about money. Let me start off with a brief history of money. So we get on the same page. Let’s get into our imaginary time travel pod and let’s take a sneak peak of the past. By definition, money is a generally accepted medium of exchange. We started this medium of exchange by bartering. Bartering is a direct trade of goods and services - I'll give you a stone axe if you help me kill a mammoth - but such arrangements take time. You have to find someone who thinks an axe is a fair trade for having to face the 12-foot tusks on a beast that doesn't take kindly to being hunted. If that didn't work, you would have to alter the deal until someone agreed to the terms. O