Fiat's "store of value" is work (gdp) adjusted for debt dilution

Probably a tough chart to understand...

Using distance from 3 year moving average for total public debt as % of gdp to measure "rate of change".

When gdp's dilution via debt is increasing at an important rate, fiat's "value" is diminished.

Commodities sensitive to inflation (or currency debasement) will benefit from that tail wind.