Yeah, you don't seem to understand how seigniorage works (you didn't mention the term once) which means by extension you do not understand how fiat currency works. Also this article is emotionally loaded, I suspect you jumped into a fork that didn't work so well.

Seigniorage with algorithmically pegged tokens is the same principle as fiat, the difference is that instead of a boardroom of rich elitist bankers and govt bureacrats, it's the people that instead get to profit from the process of seigniorage.

Bonds = Government bonds investors can buy to gain a yield. (Basically, faith in the legitimacy of a currency)

Shares = Everytime a central bank prints more money they inject most of it into the share market to increase the size of their balance sheet, and also make shareholders insanely rich. (Basically, building reserves to protect the protocol that gives access to newly minted currency)

Currency = Amount of currency issued or removed from circulating supply (the latter happens in traditional money systems in the form of interest rates, seigniorage enables the contraction of supply as well as the expansion).

Seigniorage protocols effectively operate on the same principles. This is effectively one of the most viable models to replace the fiat system.