Democracy is the reason fiat was sustained this far.
A monarch wouldn’t remain in power should he print money the way central banks are doing today on behalf of the democratic states.
Discussion
The monarchs of the past did this by melting their gold and recoining it mixed with less valuable materials. It wasn't as easy as today, though.
You’re right. But it never ended well if it kept on long enough, or periods of debasement were short-lived; I’m not defending debasement, quite the opposite. But it shows that it wasn’t something sustainable under monarchies.
For example, Emperor Caracalla was stabbed by his guard while he was pissing.
The Great Debasement in England was stopped rather shortly after the succession it Henry VIII.
Has there been a democracy somewhere, other than some small groups in ancient Greece?
It had been tried in Athens, during which time Socrates was executed. Plato then criticized heavily saying democracy always degenerates into mob rule.
Aristotle fled Athens when Athenian democracy made a comeback.
Also, you don’t think the governments we have today are democratic?
"Being democratic" is not the same as a "Democracy". If you can't show me a government that exists today as a Democracy, I'm all ears.