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Nixon took the US off the gold standard, fiat currency controlled by central banks is the real new experiment.
by shit_parade 12y ago
Nixon took the US off the gold standard, fiat currency controlled by central banks is the real new experiment.
- mpyne 12y agoFDR took the larger U.S. international economy off the gold standard in 1933, so if "bank-controlled fiat" isn't exactly "new". And even that is a highly American-centric POV; other economies have worked on bank controls and fiat long before the U.S. even existed, including China in the 11th century and England starting from the 12th century.