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I remember something I read that linked it to the Gold Standard and the US deciding to stop using it, making all other currencies free floating. I'm not sure if
by speps 3y ago
I remember something I read that linked it to the Gold Standard and the US deciding to stop using it, making all other currencies free floating. I'm not sure if it's the only reason but definitely an interesting topic: https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock
- seanmcdirmid 3y agoIt is impossible to exercise modern monetary policy while still beholden to fiat metals. The last major economy to leave the gold standard was Switzerland in 1999, and at any rate, most of the countries only started using the gold standard in the 19th century, so it wasn’t around for that long.