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Creating the Federal Reserve was a fundamental change. Confiscating gold then pegging the US dollar to a gold-backed value was a fundamental change. Getting rid
by flagrant_taco 3y ago
Creating the Federal Reserve was a fundamental change. Confiscating gold then pegging the US dollar to a gold-backed value was a fundamental change. Getting rid of the gold standard and going full fiat sad a fundamental change.
The economic model, monetary policy, and incentives of each system were completely different. We may not have renamed the currency or the country, but that doesn't change the fact that those were major economic shifts.