One thing we constantly hear all over the media is how “all fiat money systems in history have failed”. This is just not correct. By my count, there are several hundred fiat regimes in existence today. What has failed and will always fail is fixed exchange rate regimes and commodity based monetary systems. As far as I know, there is not a single one around today that has stood the test of time. The gold standard has always failed. And it will always fail due to inherent constraints that make it a very poor monetary design. May be reading a book Lords of Finance The Bankers Who Broke the World by Liaquat Ahamed could give more insight to it.
When someone says “all fiat monetary systems fail” they are forgetting to also mention the fact that all commodity based monetary systems have also failed. Oh, and they’re ignoring the fact that hundreds of fiat systems still exist. So no, all fiat monetary systems have not failed. And if you live in any developed nation your bank account or wallet is living proof of this fact.