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> Inflationary fiat or credit based currency is a relatively new invention (1972 in the US) The dollar has been fiat since the 1930s. The gold standard from 19
by nerfhammer 8y ago
> Inflationary fiat or credit based currency is a relatively new invention (1972 in the US)
The dollar has been fiat since the 1930s. The gold standard from 1933-1972 was essentially in name only.
- jpadkins 8y agohttps://en.wikipedia.org/wiki/Bretton_Woods_system https://en.wikipedia.org/wiki/Bretton_Woods_system 45-72 was bretton woods era which was still fixed price to gold. It was only after 1972 that the value was allowed to be free floating, not tied to an amount of gold https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock
- jonknee 8y agoDid you miss the "essentially in name only" part? It was fixed to gold, but they also fixed the price of gold by outlawing [1] people from owning it! When they wanted to deflate the USD they just raised the price of gold [2]. It was a crude fiat system. [1] https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102 [2] https://en.wikipedia.org/wiki/Gold_Reserve_Act https://en.wikipedia.org/wiki/Gold_Reserve_Act