In this sequel to The Bitcoin Standard, Saifedean Ammous turns his analytical lens from Bitcoin's virtues to the pathologies of the fiat monetary system that Bitcoin is designed to replace. The book applies Austrian economic theory to the mechanics and consequences of government-managed fiat currency with characteristic rigor and polemical force, arguing that the ability to expand the money supply at will is not merely a macroeconomic policy tool but a technology that fundamentally restructures economic incentives in ways that are deeply harmful to individual freedom, long-term capital formation, and civilizational flourishing. Ammous documents how fiat money expands government power by allowing debt-financed spending without immediate taxation, creates systematic bias toward consumption over investment by reducing the reward for saving, inflates asset prices in ways that transfer wealth from the asset-poor to the asset-rich, and funds wars and welfare states on a scale that sound money would not permit. He applies this analysis to specific domains including the distortions of modern nutrition science (which he controversially connects to agricultural subsidies enabled by fiat money), the inflation of higher education, and the financialization of the global economy. While Ammous's conclusions are deliberately provocative and his Austrian framework is contested by mainstream economists, the book provides a rigorous internal critique of fiat money from first principles that serious readers should engage with regardless of their prior views.