Fiat currency is NOT MONEY, it is a MONEY SUBSTITUTE.
A primary downfall of A FIAT MONEY nation is a fundamental lack of awareness that the “Fiat Currency” is not money. Try to explain that to the social community, and receive a blank stare. EXAMPLE: The USD is declared by fiat as valid legal tender, nothing more. That means it is legitimate legal medium of exchange to settle debts public and private, to pay bills, to settle accounts, to buy things. However, it is not money.
For 42 years since the Gold Standard was broken, the nation has used unsound money, phony money. Such is not taught in college economics classes. Since it is actually (by default) denominated debt, the painful process of debt write down will act like a wrecking ball to the wealth of the nation. Bank accounts, stock accounts, pension funds, and all types of wealth will suffer a debt write down since the unit of supposed wealth is a debt unit.