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Around the same time that the gold standard was dropped and banks started creating money out of thin air.
by collyw 9y ago
Around the same time that the gold standard was dropped and banks started creating money out of thin air.
- X86BSD 9y agoCorrect you are. And yet it's depressing how many people do not get that. Or understand money.
- aoeuasdf1 9y agoAh yes, the bad old days: https://pbs.twimg.com/media/C8H9i9IUwAEBo5s.jpg https://pbs.twimg.com/media/C8H9i9IUwAEBo5s.jpg
- jdale27 9y agoCan you explain what conclusion we are supposed to draw from that chart?
- aoeuasdf1 9y agoHaving a currency standard based on metals is inherently unstable. Central banking has succeeded.
- collyw 9y agoSucceeded in keeping asset holders rich, and effectively suppressing the wages of workers.
- ric2b 9y agoYou can't just compare those periods and assume that currency properties are all that matters, you're comparing periods that included: - slavery - the civil war - the industrial revolution - two world wars - huge growth in population and in the economy, which makes it inherently less volatile - a bunch of other important events that would obviously affect currency prices
- deleted 9y ago[deleted]