this post was submitted on 15 May 2025
315 points (89.7% liked)
Greentext
6273 readers
1956 users here now
This is a place to share greentexts and witness the confounding life of Anon. If you're new to the Greentext community, think of it as a sort of zoo with Anon as the main attraction.
Be warned:
- Anon is often crazy.
- Anon is often depressed.
- Anon frequently shares thoughts that are immature, offensive, or incomprehensible.
If you find yourself getting angry (or god forbid, agreeing) with something Anon has said, you might be doing it wrong.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
they used to back it with gold, didn't they? gues nixon ran out while the printing press went brrrrr
They abandoned the gold standard because it suffered from acute boom and bust cycles.
They abandoned the gold standard because they couldn't mine enough gold to back the amount they were lending.
Couldn't mine gold in the US. The Soviet Union was the biggest gold producer the world back then. So in effect, the Soviet Union controlled the West's money supply while they were on the gold standard.
The boom and bust cycles never went away though. They merely threw up enough barriers for the commoners to believe they are safe, while also locking most commoners out of meaningful participation in the markets.