But fiat money is a "confidence game" that enables rapid creation of wealth
Printing FIAT does not create wealth. It creates DEBT!
Welp, them's the breaks. So does increasing the cost of capital.
The fact is, no matter WHAT standard we choose, somebody's going to get hurt. The only thing to do is chose the standard that does the most good for the most people most of the time.
The U.S. economy is, oh, about 8x what it was since we dumped the gold standard. I daresay the printing presses have helped made us the richest nation on Earth. In short: fiat sit!
“Printing” fiat money helps creates wealth when the price of capital is too restrictive on investment, development and production.