I wish it was satire.(lemmy.ml)

The Nixon Shock was the end of the Bretton Woods system (kinda sorta a gold standard) and the beginning of unlimited inflation we see today. Everything absolutely went to shit after Nixon, especially inequality.

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JohnDClay@sh.itjust.works

7 points

1 year ago

Is gold actually worth something though? Most of it’s value is also just because it lasts a long time and we all think it is valuable. And I disagree that things have gotten worse only since Nixon

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explodicle@local106.com

2 points

1 year ago

Sorry if I implied the world in general has only gotten worse since then. I was referring to the money supply and its consequences.

Why do you say “most”?

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JohnDClay@sh.itjust.works

6 points

1 year ago

Gold has some value from use in corrosion resistant cables, contacts, or telescopes, but it’s mostly just an agreed upon store of value like any other currency

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