The way I see it, the excuse for moving to a fiat currency was that the rich people owned all the gold and social mobility had stagnated, so they decided that an elastic money supply would provide some social mobility and could go towards rewarding and building up an intellectual class.

But what happened is that a small subset of elites managed to capture the flow of new fiat money, creating even more concentration. Some social mobility was made possible, but only at the behest of this tiny number of elites... And now it's looking like we're reaching the end of that cycle and social mobility is screeching to a halt... The sheer, grotesque misallocation of fiat money has become hard to ignore. The misallocation appears to be unlimited and serves political agendas. Unlike in the gold-backed era where the elites had to provide actual value to earn their scarce gold, the elite of the current era (and their hand-picked minions) got their wealth mostly through rent-seeking and monopolization of government institutions which provided access to unlimited streams of money.

So now we have no social mobility, inequality is worse than ever (and accelerating) and we have an elite class which is ill-equipped to run any kind of economy which creates value. We are in a situation even worse than the gold-backed money era. At least then, the money was in the hands of people who COULD leverage it to deliver real value out of it. People could dig themselves out of their poverty by providing value which was worth its weight in gold. It was a level playing field. The only people who had priority access to gold were those who dug it out of the ground at great risk/expense to themselves. Nowadays, there is no heuristic or logic that you can use to dig yourself out of poverty. There is no logic behind social mobility aside from social scheming; to be chosen/funded by the elite; which produces no economic value for anyone, not even the elite. They don't even know what they want anymore so they use their money to engage on wild zero-sum political manipulations; billionaires throwing huge amounts of money against each other; going mostly into the pockets of lunatic 'activists' and nothing gets done either way; all the billionaires agendas cancel out; it just creates more crazy people with money roaming around, creating intense divisions over nothing. At the end of the day, all these 'ideological' lunatics (aka experts) funded by billionaires just care about money and they're making up all kinds of nonsense arguments to justify their paychecks... Pretending that they actually care about all this stuff when really, it's all 100% about paychecks. They're literally fighting over money, using all sorts of other ideas and social agendas as pretexts.

The people who have all the money to decide the direction of our economy and society do not have the ability or even the desire to improve it to make it work efficiently in any broad sense; they are only skilled in terms of wealth concentration, not wealth creation.

At this stage, I'm convinced that the economy would work better if the government just started handing out millions of dollars of free money to everyone and let global hyperinflation happen.