As we all know, fiat is debt.

The words after the comma are true, but I’m not at all sure about the words before it. I would argue that the vast majority of people don’t think about fiat as something other than something they want more of. I think very few people understand that fiat is created via debt, which is after all crazy, if you stop to think about it. But I really doubt that most people do stop to think about it.