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Anon describes currency
(lemmy.world)
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this post was submitted on 15 May 2025
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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.