It was half a year ago, so 5 years in Cryptotime.

In fact, the dollar has lost 99% of its value between 1914 and 2014

Something has to give at some point. I am not sure there is a way back for the dollar. If they try to strengthen it by shrinking the supply the debt we owe becomes worth a lot more and crash the system. On the other hand the slower destruction of QE makes us all poorer. I wonder if it would be best for future generations to swallow the medicine now so they can have a stable economy in the future.   

All fiats die..all fiats die.....btw all fiats die!!!

 Dollar is in decline and will eventually disappear . It may well take a few decades for that.  I suspect cryptos whether bitcoin or Government/ financial Institution created will replace all fiats over time as they are just BETTER in so many ways and less expensive to use.


"Every 30-40 years the Reigning Monetary System Fails and has to be retooled"

http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html

According to a study of 775 fiat currencies by DollarDaze.org, there is no historical precedence for a fiat currency that has succeeded in holding its value. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes.

The average life expectancy for a fiat currency is 27 years,

Hasn't the british pound been around though, for hundreds of years?

Something to ponder: why is it named the 'pound'?

Good question.

A pound of sterling silver.  So a pound of silver today would cost about $340 ($21.25/oz* 16 oz).  The pound is not worth $340 US dollars. :-)

Interesting in the UK that there is a study stating that 97% of money was credit (FRB money).  Seems like all the decline to currencies is related to private banks creating money out of thin air.

Granted the central banks also do print money but it's a trivial amount compared to how much money is made cooking the books and lending out money which doesn't exist.

These banks are all "too big to fail" (interconnected) and essentially own each other's money - so I don't see the system coming down anytime soon, unless there's some global bank run and the results of that would be catastrophic (it would be equivalent to an EMP attack).

Just no. The pound is no longer a pound. It is now a fiat currency. Accordingly, the fact that there is still something called the pound in monetary use, cannot be used as an example of a fiat currency lasting a long time.