Kevin Hua on Nostr: Note: Under the gold exchange standard, foreign central banks actually had another ...
Note: Under the gold exchange standard, foreign central banks actually had another option, namely, redeem the pounds or dollars for gold instead of holding them. But they weren't incline to, nor did they have to. They could simply hold the fiat and inflate to the bottom. It was only in the late 60s when they became restless on the ever depreciating USD that they hold in their reserve, that they started redeeming those fiat for gold, but by then it was all too late.
Published at
2024-09-27 12:37:21Event JSON
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