Is the Anger Toward Fiat Currency Justified?

Back in 2012, the Cato Institute published a paper titled The Coming Fiat Money Cataclysm and the Case for Gold. The libertarian think tank is hardly unique in its animosity toward the fiat currency system, nor was its 2012 paper wholly unique in its concepts and sentiments. It did, however, predict some of the issues we are trying to resolve today, notably inflation linked to the era of “cheap” money through low-interest rates.

Today, if you look at social media, particularly platforms like Reddit and Twitter/X, you’ll also find plenty of derisory posts about the fiat system. What’s more, we might argue, albeit unscientifically, that the backlash is growing. Some of this can be quantified. For example, there is some correlation between the rise of Bitcoin as hard money with a limited supply and
the criticism of the fiat currency system. However, some of it is not so easy to quantify, such as the animosity toward fiat currency being linked to wider dissatisfaction with the state.

But is any of it justifiable? The problem with answering that question is that there are both economic and sociological answers. The former is easier to frame, whereas the latter is not. Let’s start, though, by analyzing what we mean by fiat currency, which will help us understand its critics.

Fiat currency is effectively all money

Fiat currency is essentially money not backed by a physical commodity (gold or silver, for instance). It is, therefore, nearly all the money in existence in the world today. When you look at the trillions of dollars being traded in forex markets, it is fiat currency that’s being traded. The Canadian dollar used to be partially backed by gold, and some of its value is derived
from oil prices, but despite some arguments to the contrary, it remains a fiat currency.

So, why, then, should we criticize money? Well, it’s due to the fact that having no physical backing, such as a lump of gold or a barrel of oil, central banks and governments can print that money out of thin air. The charge against it is that printing new money creates more of it (naturally), and that eventually devalues it. You’ll often see anti-fiat accounts on Twitter/X
posting charts of how their currency’s purchasing power has declined or will decline over time. This is the economic argument against fiat currencies.

This chart shows how many years it would take for each fiat currency to lose 50% of its buying power if today's inflation rates remained constant.

The red line marks the average number of years worked before retirement.

There will be no retiring if one chooses to save in fiat. pic.twitter.com/P5CjXg5v3e

— Sam Callahan (@samcallah) April 2, 2024

However, the argument loses merit when certain factors are pointed out. Yes, the Canadian dollars in your pocket lose purchasing power over time, and that’s why you can’t buy a house for the same price as your grandparents. Yet, you also will earn a lot more than your grandparents. If something used to cost a dollar and you earned ten per hour later costs five
dollars, yet you earn fifty per hour, there isn’t really a problem. Of course, that’s just the theory, and it does not always work that way in practice.

Wages keeping up with inflation

In Canada, for example, disposable personal income has tripled since 2001. It also increased in the last quarter of 2023 (the latest period for measurement). Have wages kept up with inflation? Not always; you might look at everything from the cost of a cup of coffee to your mortgage payments to consider that it hasn’t. But the problem is not fiat currency in and of itself. It is the balance between price rises and the amount of money you earn. From the period 2019-2022, average hourly wages grew 12.5% in Canada; CPI rose 10.1% in that time. There were accelerated periods of inflation, particularly in the aftermath of the pandemic, but on balance, wages kept up with inflation.

Now, none of this is meant to say that the fiat system is perfect, nor does it suggest that the government and central banks get it right on balancing the system. But broadly speaking, the antagonism toward fiat currency tends to be more sociological than economic. In short, people are angry at the system, not fiat currency itself. Those pushing the demise of fiat currency are often anti-establishment, at least ostensibly. They are interested in concepts like Bitcoin not only for financial reasons but also because it is not a creation of the state.

Their concerns do go into other areas, such as central bank digital currencies (CBDCs), and it leads them to see the fiat currency system as one of control. How valid are those concerns about CBDCs? We would be foolish to dismiss them, and there should be perhaps a sense of frustration that the mainstream media is broadly ignoring the threat. At the moment, the official line from Canada is that there are no plans for a CBDC – yet. However, and this is important – the BoC is apparently researching the “need” for one in the future.

What would that “need” be? Could it be the control of citizens’ finances? There is an all-too-scary suggestion that this could be the route that governments take, where fiat currency becomes less money and more like social credit. You drink or gamble too much? Well, the government will freeze the money in your account until you prove you are spending responsibly. If we go into a situation where fiat currency becomes a system of control, then inflation is the least of our worries.

For some, there is a sense of a tipping point on the horizon. We have this situation where governments are constantly printing money – and taking on huge amounts of debt – and we have the specter of CBDCs. You can, therefore, understand the allure of Bitcoin and other decentralized forms of currency, although those systems in themselves are not perfect. The
question, though, is whether we meet these challenges before the tipping point is reached?

Todayville Content Team

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Alberta Moves Toward Legal iGaming; Impact on Red Deer

Published on November 27, 2025

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Alberta is the latest province in Canada looking to welcome a new regulated iGaming market. Regions like Ontario have already proved how successful the industry can become. It’s not just for the gambling industry itself but for the infrastructure and development it can foster through the astounding amounts of tax revenue it can bring in. According to Delasport, in 2024 alone, Ontario reported Gross Gambling Revenue (GGR) figures of CA$3.2 billion. The staggering amount also represented a year-on-year increase of over 30%.

Given the potential for much-needed tax revenue injections, Alberta now wants to follow suit, albeit via its own regulatory model. The notion of regulated iGaming in the province has long been debated and is now finally ready to go ahead. While there is much work to be done, authorities are optimistic that the move will be a rousing success.

Early reactions point to the growing appetite for digital platforms that offer secure and convenient play. Industry observers often point to resources like an Esports Insider guide when discussing how online gaming continues to expand. Guides like these highlight safe and secure casino sites that locals can access and play on. The best sites provide a gold standard that Albertan sites should look to emulate. By offering expansive gaming libraries, together with generous player bonuses, fast payments, and adequate safeguards for players, these sites have become trusted members of the global industry.

For local regions like Red Deer, legal iGaming could have a positive effect if handled properly. The tax revenue generated from the industry could go a long way toward helping a lot of locals. Programs like the Integrated Coordinated Access (ICA), which help connect people in need with appropriate social services, could be better provided for. Of course, the final regulations will dictate how many and which programs benefit from tax revenues. However, social causes like this are a good example of how tax revenues can be used to help as many people as possible.

Local areas like Red Deer may also benefit through reinvestment. Infrastructure projects, community programs, or healthcare funding could all be supported by revenue streams that come from regulated play. While projections vary, the expectation is that even a small share of provincial income could create visible change at the municipal level. So long as the funds are allocated with appropriate oversight, the province as a whole would benefit greatly from iGaming revenue. The extra funding is needed more than ever in the wake of US tariffs and the realignment of global trade.

Local businesses could also feel an indirect boost. With online platforms drawing more attention to gaming as a form of entertainment, cafes, bars, and sports lounges may see opportunities to host events tied to esports or watch parties. This type of cross-promotion has worked well in other regions where iGaming has become part of mainstream culture. Red Deer, with its active student population and lively arts scene, is well-positioned to adapt.

With gambling regulations often being harsh in other regions, there’s often pushback whenever the industry wants to gain a foothold in a new locality. While many look at societal issues, those who are pro-business are quick to point out that gambling represents huge inflows of revenue wherever it’s treated fairly by regulators. That kind of windfall simply can’t be ignored. In many ways, the gambling industry is treated differently, usually subjected to higher taxes than other industries to balance out any concerns that may exist.

Technology also plays a major role in shaping this future. Faster internet connections, mobile devices, and secure payment tools have made it possible for online gaming to be part of everyday life. Players in Red Deer already use digital wallets for shopping, subscriptions, and travel bookings. Extending that convenience to entertainment feels like a natural step. The province’s move to regulate iGaming is less about introducing something entirely new and more about bringing order to a practice that already exists in the shadows.

Cultural attitudes also matter. Red Deer is a community that blends tradition with a growing openness to digital solutions. Events like esports tournaments and online streaming have already captured attention among younger residents. The addition of regulated iGaming could be viewed as part of this broader shift toward digital entertainment. As with music, film, and television, the move from physical venues to online access has reshaped how people engage with their favourite pastimes.