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.

permalink

report

parent

[ - ]

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

permalink

report

parent

[ - ]

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”?

permalink

report

parent

[ - ]

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

permalink

report

parent

[ - ]

explodicle@local106.com

2 points

1 year ago

So it is worth something then.

permalink

report

parent

Show more comments