Why was the gold standard replaced?
Why was the gold standard replaced?
Levi Bailey
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Brody Martinez
Because it didnt allow for unlimited growth
Logan Nguyen
UNLIMITED POWER!
Samuel Rodriguez
Here you go OP. This should answer your questions.
Kayden Rivera
Because it's harder to trade someone gold today for gold in the future if the increase in gold supply doesn't keep up with the economy.
Adrian Cruz
Jews.
Matthew Murphy
too tempting to just print money after the infrastructure of everyone pretending was already there.
Jacob Evans
because gold is not any more inherently valuable than regular paper money is
go away Ron Paul
Josiah Howard
dude unlimited growth on a planet with limited resources lmao
Liam Lewis
You do realize this happened with rare metal coinage before paper money right? The face value of a coin was often worth more than the amount of metal, which is a given, since that's why they bother to spend the effort minting coins instead of trading lumps of gold. And they would sometimes collect coins during taxes, melt them down, change the purity and redistribute them when paying for goods and services. Paper made this much easier, but it didn't start with paper.
Jace Flores
Now that gold is an actual useful commodity in the making of electronics, I would never want a gold standard. It only made sense when the value of gold was as a luxury material for jewelry that did not degrade, and jewelry was Veblen anyways, so having coinage based on gold didn't cripple the supply of gold to be used for useful things. Arguably gold was more useful as money than jewelry back then, the jewelry part just gave gold a value.
Carson Jackson
>AND THIS IS TO GO... EVEN FURTHER BEYOND! AROOOOOOOOOOOOOOO!
Ayden Cook
Gold is a meme.
Austin Hughes
...
Jaxson Wright
because we just love paying denbts
Elijah Smith
It isn't?
Are you retards telling me that you don't have personal gold reserves knowing how the price skyrockets after every major conflict and yet call yourselves history buffs?
Nathaniel Ward
not enough gold
Juan Gonzalez
Nonsense, you can run the world economy on one gram of gold, you just have to divide it up into smaller portions.
William Clark
When this whole thread is to plug the new video.
Jaxon Wood
In the early 1970s, we were spending beyond our means to fund the Vietnam War, so removing the Gold Standard was a method of avoiding those consequences.
Tyler Reed
We would have deflation rather than inflation.
Friedman's theories on inflation and the success of Bitcoin provide good evidence that that could work but they didn't know that in the Keynesian era when it was replaced.
Xavier Davis
Because they learned a lesson through the power of allegory