The end of fiat money?

It feels redundant to recommend Allister Heath's Editor's Letter, because it's consistently excellent and should already be on the reading list of this blog's readership. But today's piece has a particularly tantilizing closing paragraph:

If anything, today’s problem is even greater than that: it is clear from the global government debt crisis that fiat money – currencies entirely detached from any commodity or anchor and produced entirely at the discretion of government agencies – has failed. Its adoption has abolished all restraints on governments and has meant that currencies keep being devalued and inflated away. Eventually, we will need a new monetary system more in tune with the principles of capitalism and sound money – until then, expect tensions between central bankers and governments to rise and rise.

I wonder if Heath has read Paper Money Collapse yet. As we approach the endgame for the euro, the epitome of all fiat currencies, we may start to see more people coming round to Heath's view as well.