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This is great progress, sometime in the 1930's some enterprisers convinced Congress to make an insurance fund for private bank users coupled with a variety of e
by vmception 5y ago
This is great progress, sometime in the 1930's some enterprisers convinced Congress to make an insurance fund for private bank users coupled with a variety of enforcement provisions to add confidence to the fiat depository system. Just a matter of time before we get crypto dumped on the public insurance fund too, all we have to do is want it and boom, another boomer argument obliterated!
Its always been a game of confidence. Some people see it and are inspired to put those building blocks in place, others just assume a system is fundamentally flawed and act shocked that it continues to grow and gain confidence.
- ByteJockey 5y agoThe dollar wasn't a fiat currency in the 30s. The dollar was backed by (and directly convertible to) gold until 1971.
- JanisL 5y agoI think it's important to note that dollars weren't directly convertible to gold for regular citizens for many years before 1971 which is the date that the window was closed entirely.