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I wish it was satire.
(lemmy.ml)
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this post was submitted on 19 Jul 2023
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What happened then? Gold standard?
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.
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
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"?
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
So it is worth something then.
I mean usd cash can be used for fire kindling. Both get the vast majority of their value from our collective decision to think that they are valuable.
That's a quality of the paper it's printed on, regardless of denomination.