From Richard Russell in Dow Theory Letters:

In the history of fiat or government-produced paper money, no fiat money in history has ever survived, all are now museum pieces. The reason is that fiat money is produced (without the discipline of gold) in any quantities a government desires. When an economy slows (as now) or when a nation goes to war (which is always wildly expensive, as now) the temptation to print the needed "wealth" becomes overwhelming.

Eventually, the world distrusts man-made "money." In the end, each new issue of fiat money dies. The fate of the US dollar will be no different. Which is the real reason why we hold gold for the long-term.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from Richard Russell:

Why politicians and bankers hate gold

The White House's secret plan for the dollar

The great Richard Russell on the dangerous secrets of the Federal Reserve