Part 8/9:
Critics often label fiat currencies as inherently unstable, citing inflation and rising prices. Johnson argues that while fiat currencies can lose value, the dollar’s upward trajectory matters because most debt is dollar-denominated. When the dollar rises, those debts become harder for other nations to service, causing pain and systemic issues.
As Johnson articulates, the dollar's strength does not signify goodwill within the economy but represents a vital support structure—a necessary evil in a deeply interconnected global economy.