LynAlden on Nostr: nostr:note1gx8qlnnlqz2evwrrzylgnj5k9kgjjvh03lmlzmas2l3yax2acs4qjqc3lv

quoting note1gx8…c3lv

I like how this St Louis Fed post blames people for banks’ failings.

Flip it around. Banks irresponsibly created way more claims for gold than they had gold, kept defaulting, and lost trust. So the government made gold illegal to own for like 40 years.

There was no “shortage” of gold in the Great Depression. There was an excessive amount of fraudulent promises for gold, made by commercial banks and central banks.

https://www.stlouisfed.org/open-vault/2017/november/why-us-no-longer-follows-gold-standard