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Interesting, I've never heard an answer to "what happened in 1971". So decoupling from gold basically gave the elite a really good handle to manipulate the eco
by xen2xen1 4y ago
Interesting, I've never heard an answer to "what happened in 1971". So decoupling from gold basically gave the elite a really good handle to manipulate the economy? Fascinating.
- HideousKojima 4y agoExactly. I'm not a gold bug (and the last 50 years have shown it doesn't behave too differently from any other commodity) but by requiring the government to tie the value of currency to something, anything, that they can't just create out of thin air limited how much the federal reserve and banks were able to screw over the average citizen.
- inawarminister 4y agoTo be fair even ancient Romans used to meddle around with reducing gold and silver content in their physical coinage, resulting in the crisis of the 3rd century. And Spanish silver bullion was too bad... But yes. Much better than limitless fiat being summoned from the void.