reidwalley on Nostr: Biggest mistake America made was going off the gold standard. And I still recall that ...
Biggest mistake America made was going off the gold standard.
And I still recall that my grandpa Ted being upset about Nixon closing the Gold Window in 1971.
From the Federal Reserve Bank of St Louis:
“The U.S. switched to a fiat money system. Fiat money has no value of its own and doesn’t represent anything of value, such as gold. But the government stipulates that the paper money is legal tender for carrying out transactions or paying taxes, as noted in the Page One Economics essay.”
https://www.stlouisfed.org/open-vault/2017/november/why-us-no-longer-follows-gold-standard
And I still recall that my grandpa Ted being upset about Nixon closing the Gold Window in 1971.
From the Federal Reserve Bank of St Louis:
“The U.S. switched to a fiat money system. Fiat money has no value of its own and doesn’t represent anything of value, such as gold. But the government stipulates that the paper money is legal tender for carrying out transactions or paying taxes, as noted in the Page One Economics essay.”
https://www.stlouisfed.org/open-vault/2017/november/why-us-no-longer-follows-gold-standard