What question did this study set out to answer?

The central aim is to explore how fiat money is understood as a societal claim rather than a commodity.

January 25, 2026Open Access

All the Money in the World Is Worthless: On the Illusion at the Heart of Monetary Economics

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Examines how monetary claims shape economic value in societies, suggesting implications for monetary theory.

The central aim is to explore how fiat money is understood as a societal claim rather than a commodity.
Develops an ontological framework for monetary economies
Analyzes the structural nature of financial wealth
Decomposes financial positions into equity and credit
Establishes that net financial wealth cannot exist in the aggregate
Identifies taxation as a mechanism for enforcing monetary claims
Clarifies the value anchor of fiat money as a collective obligation

Patrick McGuinness (2025) studied this question.

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