3 ms·
the pension is older than inflation based monetary policy in the United States
by caprese 8y ago
the pension is older than inflation based monetary policy in the United States
- dontbenebby 8y agoyes, we only moved off the gold standard in 1971 https://en.wikipedia.org/wiki/Nixon_Shock https://en.wikipedia.org/wiki/Nixon_Shock
- deleted 8y ago[deleted]
- skookumchuck 8y agoFor practical purposes we moved off of it in 1914. The value of the dollar steadily declined against gold from then on, despite the official exchange rate. The divergence was nearly 2:1 by 1929, and the run on the banks then was caused by this. The runs stopped only when FDR suspended payments in gold.