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The US never really had commodity money. The Bretton Woods system had a merely theoretical commodity status. Nobody in the 1960's believed for a moment that the
by nickbauman 11y ago
The US never really had commodity money. The Bretton Woods system had a merely theoretical commodity status. Nobody in the 1960's believed for a moment that the convertibility to gold was a real thing unless unwinding the entire monetary system was on the table.