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It wasn't "a long time ago", it was in stages over the past 100 years. Given that the US dollar has lost 95% of it's purchasing power since 1970, and the whole
by friend_and_foe 3y ago
It wasn't "a long time ago", it was in stages over the past 100 years. Given that the US dollar has lost 95% of it's purchasing power since 1970, and the whole host of other problems with nationally mandated currency (such as the coincidence of wants problem in international trade, a problem money was invented to solve) I'd say it looks to be a short lived experiment. Gold has been the standard for more than two thousand years until this little experiment.
We moved away from gold in order to finance world war 1 and 2.