2 ms·
> (fun fact: the US dollar was never 100% backed by gold) Go on please.
by MuffinFlavored 4y ago
> (fun fact: the US dollar was never 100% backed by gold)
Go on please.
- JumpCrisscross 4y agoWe were bimetallic and then fiat [1]. [1] https://en.wikipedia.org/wiki/History_of_the_United_States_dollar#Gold_standard https://en.wikipedia.org/wiki/History_of_the_United_States_d...
- jmyeet 4y agoFrom [1]: > So we see that there never was a 100% reserve era in British or U.S. history. The 100% reserve gold standard that people sometimes talk about today is a fantasy. The gold standard was never about keeping 100% reserves. It was about maintaing a peg and that technically doesn't even require you to have any gold. [1]: https://www.forbes.com/2011/05/03/the-gold-reserve-myth.html?sh=553579ad6e55 https://www.forbes.com/2011/05/03/the-gold-reserve-myth.html...