> Some Luddites who often bemoan abandoning the gold standard point to this is a mistake but the last few centuries has shown this to be wildly successful. Fir

> Some Luddites who often bemoan abandoning the gold standard point to this is a mistake but the last few centuries has shown this to be wildly successful. First, that's not accurate. Federal reserve system is ~100 years old (and arguably caused the great depression, 1970 inflation crisis, 2008 and what may be coming in 2021-2022). The gold standard was only abandoned completely in 1970's (~50 years). > Starting in the 1959–1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing U.S. economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led U.S. President Richard Nixon to end international convertibility of the U.S. dollar to gold on August 15, 1971 (the "Nixon Shock"). In 1934 the U.S. Nationalized all gold: > Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering Federal Reserve banks to turn over their supply to the U.S. Treasury. https://en.wikipedia.org/wiki/Gold_standard https://en.wikipedia.org/wiki/Gold_standard I'm making no claims but you can see some of what the implications are (I think this site is a bit over the top, but makes some stuff clear): https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/