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Fiat is not indispensable, hello. Did you forget that human societies used to primarily have metallism-based economies before central banks managed to entrap th
by desumeku 2y ago
Fiat is not indispensable, hello. Did you forget that human societies used to primarily have metallism-based economies before central banks managed to entrap the entire world in a system of debt slavery?
- FabHK 2y agoSure, and that gold standard failed. Fiat (with a money supply that can be discretionarily managed, and allows for monetary policy) is indispensable to a modern economy.
- desumeku 2y agoIt didn't "fail". It was gradually dismantled and replaced by a new economic order based on credit.
- stouset 2y agoAs a homework exercise, I’d like you to consider just how much gold would be necessary to back the current amount of dollars in circulation.
- desumeku 2y agoThis is a dumb question. The Fed can endlessly print as many dollars as it wants. They could print $20 trillion tomorrow. See? Just think about how much gold would be required to back that $20 trillion! Clearly gold is stupid. Right?