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#5. Fiat Currencies – Know the risks to your money!

You may not know it but “fiat” money is a danger to us

#TheGreatFreeSet is an opportunity to set ourselves free by truly knowing the freedom and rights that come with being human.​

Table of Contents

So what is ‘fiat’ money?
Clue: It’s not a car!

Previously, we talked about the benefits of using more cash.

Fiat money is the cash that we are all used to using – coins, notes and the money we mainly keep in the banks.

Fiat money is either worth nothing or whatever the market decides.

Because of this, the value of money can fluctuate wildly encouraging speculation and hurting the finance of ordinary people.


Central banks and governments control money. So they borrow more by printing more to pay for more. The extra money is funnelled through major banks who earn well out of this. Apart from building up debt for future generations, the extra money around leads to price inflation which is rarely matched by wage increases, making everyone poorer.

Your Money Loses Value

Values of your money can rise and fall dramatically, spurred on by quick-profiteering currency speculators and especially so during economic crises.  If your currency loses value, goods become much more expensive (not just imported ones).

Dependence on Government Stability

The value around the world of a fiat currency depends much on how much banks trust governments and institutions.
Any loss of faith can wipe billions of the value of the economy. A lot of power and control is focused in few hands – when they misuse or get it wrong, millions suffer.

Debt Accumulation

Being able to print more and more money builds up the debt and shifts it forward to future generations with increasingly unsustainable repayments.

Boom and Bust Cycles -> Risky Behaviour

With printing endless mountains of money through the banks and financial operators may lead to boom in economic activity but when it stops the economy suffers withdrawal symptoms and can crash. Printing money encourages risky behaviour.

Global Impact

Fiat economies are all so interdependent so a crisis in one can lead to a crisis in all.

There are risks in all fiat currencies so we should try to reduce them.

Honestly, it’s not so easy to ditch fiat money.

Though our lives are so entwined with the current financial system, there are systems that we recommend looking into.

Physical assets and cryptocurrencies are among the alternatives to saving your hard-earned fiat money in a bank

Swapping something you have for something you want is the oldest form of trading- though still used around the world. You might call it swapping ‘favours’ but it still might be barter or part swap, part cash. Anything is possible – give it a try!

Local Exchange Trading Systems (LETS)

This is a smart modern take on bartering. Instead of a direct swap, you provide goods or services to another member of your LETS group for an agreed value of LETS currency. You now have that value to spend with another member. Find out more in the links below.

This is a fun, social solution to fiat money and keeps much of the economic value of the spend in the local community, bolstering your community!

Of course, it’s tricky to change financial systems, but we can make a start in our small ways and take prudent steps to make ourselves resilient – even if our governments aren’t prepared to do so.

Like everything, the more we make a change, the more benefit it will have for us and our families.

Do try our ‘fiat’ challenges below:

Or try ‘Advanced’…

  • Bolster your own community by starting up or joining an existing LETS network.
  • Look for creative ways to invest your money, such as via social entrepreneurship.
  • Move your money out of big banks, stock exchanges and unethical investments such as weapons manufacturers and Big Pharma.

Suggested further reading

The Great Freeset is not responsible for the content of any outside links suggested here

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