Fiat Currency 3-Step: A historical perspective

This first essay speaks of China's growing use of an "commodities-based trade model" economy...I remember the U.S. having one of those at some point...

Balancing China’s Growing Influence

in Latin America

The second link is an essay giving a brief historical overview of the Fiat Currency 3-step...

False Growth in the Credit-Based Economy: 
A Historical Sketch

Is Beijing the new New York, or London of the world? 

According to that second link it's all there in history: the credit bubbles, the collapses due to risky loans (trying to maximize profits), the state sponsored stimulus plans to bail the failing economies out and then the slow, inevitable decline of once great nation...wasting its weath on failing instututions. The essay is lacking references (which really irkes me), but it does sound quite plausable. 

Can we learn from history?

Why do we Americans (or any other citizen of any other sovreignty for that matter) have to shoulder the burden of an increasingly unrealistic national debt (owned by many other countries) when we have the resources for producing real wealth and security right here at home? Our taxes should pay for infrastructure, security and enriching society...not interest on a debt for an ill conceived loan. 

Is the manipulation of fiat based currencies and national (global) bank systems the best way to build weath and prosperity? Is a credit based economic model the best way to do business, or is building wealth off the profits of productive people just as bad as it sounds? 

Should there be limits on usury? Or is this legal, but morally defecient behavior worth the risk?

I am no expert (see questions above) but when my 401k savings and investment plan loses over 21% of its value in less than 3 months I have all the evidence I need to believe that someone is mismanaging the fruits of my hard work...