jpb1999 said:
It's not. That happened in the 30s under FDR.
It was both
Quote:
The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932[url=https://en.wikipedia.org/wiki/Gold_standard#cite_note-1][1][/url][url=https://en.wikipedia.org/wiki/Gold_standard#cite_note-:9-2][2][/url] as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold,
When WWII was won by the west, and we started to recover from the depression, the first attempt at a world financial model put in place by the victors, with us at the top of the chain, was the gold standard. But under a gold standard, a country that devalues its currency gets punished quickly. By leaving the gold standard and moving to 100% fiat, with the petrodollar as the new reserve currency, America could essentially fund its own growth through currency devaluation at the expense of the rest of the world who relied on dollars to transact.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)
