The Fiduciary System as an Architecture of Privilege

The fiduciary monetary system—based on money issued by central banks without physical backing—has historically been sustained by the mandatory trust of citizens. However, this trust has eroded due to several structural factors:

• Deliberate inflation as state policy, which reduces the purchasing power of individual savings.

• Selective financial bailouts, in which large corporations receive state support while citizens face austerity policies.

• Lack of transparency in monetary issuance and in the relationships between governments and the financial system.

This model, sustained by the exclusive prerogative of issuance and by rules modifiable by decree, breaks the symmetry between issuers and users of the economic system. In essence, it grants structural power without proportional responsibility.