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Early_To_Risa@sh.itjust.works

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Anon describes currency (infosec.pub)

submitted 10 months ago by Zenoctate@lemmy.world to c/greentext@sh.itjust.works

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[–] Kolanaki@pawb.social 7 points 10 months ago (3 children)

It used to be backed by gold until 1971.

[–] DahGangalang 8 points 10 months ago (2 children)

And what was the gold backed by?

[–] untakenusername@sh.itjust.works 3 points 10 months ago

being deflationary I think

[–] Kolanaki@pawb.social 1 points 10 months ago

Greed.

[–] BakerBagel@midwest.social 3 points 10 months ago

Only officially. The US effectivly dropped the gold standard in 1933 because it was making the Great Depression worse. Money was completely stagnant, and the federal worl projects FDR championed to get the economy moving again couldn't be funded when the government couldn't get access to more gold.