Thread by @AaronRDay

Thread 1/n 🧵 A complete historical overview of the failure of fiat currencies:

💰 775+ fiat currencies have failed throughout history (this is only a partial list, the actual number is in the thousands)
💰 Average lifespan of a fiat currency is only 27 years
💰 Over 750… twitter.com/i/web/status/1…

2/n 🧵

🏛️ The Roman Denarius: A tale of currency failure and its impact on an empire

There is a false belief that a currency or nation is too big to fail. One of largest contributing factors to the fall of Rome in 476 AD was the collapse of their currency.

• Introduced… twitter.com/i/web/status/1…

3/n 🧵

The United States has had numerous failures with its currency. Many aren’t aware of our storied past and have a false sense of security in the dollar.

Continental Currency 🇺🇸:
• Issued during American Revolutionary War (1775-1781)
• Rampant inflation due to excessive… twitter.com/i/web/status/1…

4/n 🧵

Revolutions aren’t cheap. War is a major cause of currency collapse.
French Assignats 🇫🇷:

• Issued during French Revolution (1789-1796)
• Addressed financial crisis
• Over-issuance & rampant inflation
• Currency collapse & replaced by Franc
• Danger of excessive… twitter.com/i/web/status/1…

5/n

German Papiermark 🇩🇪:

• Post-WWI hyperinflation (1914-1923)
• War reparations & excessive money printing
• Prices doubled every few days
• Currency collapse & replaced by Rentenmark
• Consequences of war & economic mismanagement

💸 #fiat #Day2024

6/n 🧵

As the US on the verge of WW3 with our participation in the #Ukraine #russia conflict, we should consider how frequently currencies collapse due to excessive war-time spending.

Hungarian Pengő 🇭🇺:

• Worst hyperinflation in history (1927-1946)
• Post-WWII economic… twitter.com/i/web/status/1…

7/n

Zimbabwean Dollar 🇿🇼:

• Extreme hyperinflation (1980-2009)
• Prices doubled every 24 hours in 2008
• Currency suspended in 2009
• Multi-currency system adopted
• Impact of economic mismanagement & corruption

💸 #fiat #Day2024 #zimbabwe

8/n 🧵

Yugoslav Dinar 🇷🇸:

• Early 1990s hyperinflation
• Political instability & economic collapse
• Monthly inflation rate: 313 million percent
• Breakup of Yugoslavia & new currencies in successor states
• Political strife & monetary policy failure

💸 #fiat #Day2024

9/n 🧵

Argentine Peso 🇦🇷:

• 100%+ inflation in February 2023!
• Early 2000s economic crisis
• Massive debt defaults & high unemployment
• Currency devaluation & prolonged economic instability
• Impact of unsustainable debt & loss of confidence

💸 #fiat #Day2024

10/n 🧵

Venezuelan Bolívar 🇻🇪:
• 65,000% inflation in 2020
• Severe hyperinflation (2008-Present)
• Economic mismanagement & collapsing oil prices
• "Bolívar Soberano" introduced in 2018
• Ongoing crisis & currency depreciation
• Importance of sound economic policy &… twitter.com/i/web/status/1…

11/n

Turkish Lira 🇹🇷:

• Currency crisis (2018-Present)
• Economic mismanagement & high inflation
• Geopolitical tensions & loss of trust
• Ongoing depreciation & economic challenges
• Dangers of political interference in monetary policy

💸 #fiat #Day2024 #turkey #lira