4 ms·
lol, we(america) were the ones who fucked with the gold standard and had the system collapse due to lack of trust in the first place[1] Please explain your log
by lovich 1mo ago
lol, we(america) were the ones who fucked with the gold standard and had the system collapse due to lack of trust in the first place[1]
Please explain your logic behind the idea that European countries needed to have adopted the gold standard that the US unilaterally changed the rules on, to be independent from the US.
[1]https://en.wikipedia.org/wiki/Nixon_shock https://en.wikipedia.org/wiki/Nixon_shock
- mitxela 1mo agoI guess he means the Bretton Woods system, where the US dollar was backed by gold and everything else was backed by the US dollar, wouldn't have existed. Everything would have been backed by gold, instead.
- upboundspiral 1mo agoIf America had not forced the gold standard we might have gotten an international currency as proposed by Keynes. The idea was soundly rejected because it would have led to rapid post war reconstruction with a loss of American power (they wanted to play at empire). http://www.sofer.com/blog/keynes-on-the-balance-of-trade.html http://www.sofer.com/blog/keynes-on-the-balance-of-trade.htm... edit: some links from the world economic forum (in favor of it) https://www.weforum.org/stories/economic-growth/yanis-varoufakis-imagining-a-new-keynesian-bretton-woods/ https://www.weforum.org/stories/economic-growth/yanis-varouf...