@[email protected] to [email protected] • 2 days agoAnon describes currencylemmy.worldimagemessage-square36fedilinkarrow-up1322
arrow-up1322imageAnon describes currencylemmy.world@[email protected] to [email protected] • 2 days agomessage-square36fedilink
minus-squareatro_citylinkfedilink7•2 days agoThey abandoned the gold standard because they couldn’t mine enough gold to back the amount they were lending.
minus-square@[email protected]linkfedilink10•2 days agoCouldn’t mine gold in the US. The Soviet Union was the biggest gold producer the world back then. So in effect, the Soviet Union controlled the West’s money supply while they were on the gold standard.
They abandoned the gold standard because they couldn’t mine enough gold to back the amount they were lending.
Couldn’t mine gold in the US. The Soviet Union was the biggest gold producer the world back then. So in effect, the Soviet Union controlled the West’s money supply while they were on the gold standard.