this post was submitted on 15 May 2025
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I can't believe that Dollar (or any other currency) isn't backed by anything and runs on hopes and believes
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.
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.