4 ms·

Hence the gold standard

• orwin 3y ago
  You should read about it a bit more if you believe that would help protecting against banksters and private money.
  • hasty_pudding 3y ago
    Plenty of actual data to suggest it was a disastrous mistake. https://wtfhappenedin1971.com/ https://wtfhappenedin1971.com/
    • orwin 3y ago
      We're talking about private banks issuing their own money, which stopped in the 19th century (around 1860 in the US). The gold standard (bimetallic standard at that time) did _not_ help at all, instead had a negative impact in the long depression, keeping people poor and productive investments at their lowest.
      • hasty_pudding 3y ago
        Not according to actual data. Putting control of currency in the hands of the Federal reserve vs some neutral store of value has been utterly disastrous for the country and everyone but the rich.
        • orwin 3y ago
          Here is actual research on bimetallic standard : https://www.elibrary.imf.org/view/journals/001/1995/144/article-A001-en.xml https://www.elibrary.imf.org/view/journals/001/1995/144/arti... I understand not everyone is interested in the French Victorian era, but if you try to sell the gold standard (btw it ended in 33 and not 71, Bretton-Woods was a clever post ww2 bastardization of the original), you ought to know what came before, what came after, and why. I do not know about post-WW1 history (I read Paxton at most), but considering your interest, you can narrow your field of book to read by limiting it to trade and economics from 1820 to 1980. The 30 year era of free banking was like the past 8 years in cryptomoney+nft world, a few legitimate ideas, a lot of scams, legit idea that ended up like scams, and almost any city worker had to participate. I only read incidentally about the US on that time period, so maybe my vision is skewed, but you have to read about it if you want to speak about it.