Rand Paul: “the world's politicians, special interests, government bureaucrats, and financiers all love fiat money because they all…”

“the world's politicians, special interests, government bureaucrats, and financiers all love fiat money because they all benefit from it. But freedom-loving, hardworking, ethical and thrifty individuals suffer. Fiat money is paper money that gets its value from a government edict and compulsory legal tender laws. Honest money, something of real value, like a precious metal, gets its value from the market and through voluntary exchange. The world today is awash in fiat money like never before, and we face a financial crisis like never before, conceived many decades before the 9-11 crisis hit. Fiat money works as long as trust in the currency lasts. But eventually trust is always withdrawn from paper money. Fiat money evolves out of sound money, which always originates in the market, but paper money inevitably fails no matter how hard the beneficiaries try to perpetuate the fraud. We are now witnessing the early stages of the demise of a worldwide financial system built on the fiction that wealth can come out of a printing press or a computer at our central banks.”