The Market Economy Has Been Replaced by a “Fiat Economy”

“We’re now seeing an economic system where both supply and demand depend on government subsidies, handouts, and monetary schemes. This isn’t something we could call a market economy.

The COVID-19 pandemic has torn the veil off what we can now can call a “fiat market. It has stripped away all pretense of a true market. Governments and central banks now create both supply and demand. Bailouts and subsidies are handed down so that zombie corporations can produce on the one hand, while welfare, universal basic income, and other handouts are distributed so that citizens can buy the products. Strictly speaking, this is a type of socialism.”

https://mises.org/wire/market-economy-has-been-replaced-fiat-economy