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Getting off the gold standard and going to a fiat currency, and going into exponential debt ever since. It stagnated the middle class due to inflation and wages
by cronix 5y ago
Getting off the gold standard and going to a fiat currency, and going into exponential debt ever since. It stagnated the middle class due to inflation and wages not keeping up (which would have caused more inflation). We needed cheap labor to make goods cheaper and more affordable for the stagnating middle class, so we made favorable trade deals that wiped out manufacturing, which exacerbated the problem. It's just a bunch of added negative feedback loops. Hold on.
- raverbashing 5y agoDo you think China's currency follows the gold standard?