[theseus51]

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The "gold standard" was abandoned because the gold supply does not grow at a fast enough pace to keep up with the growth of the economy. It is therefore inherently deflationary, and economically unsustainable.

It is also an article of near-religious faith among the far-right-wing, so expect the usual firestorm of spam and pre-cooked talking points.


q/q

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Yeah exactly. Cause historically, before 1913, there was like no economic growth. Once we started printing that money out of thin air though, there was no stopping the economic growth, no stopping the inflation, and no stopping the slow road to eventual collapse of our currency due to the worthlessness of the dollar.

Money is just a way to facilitate a transaction. It's just hard to think of having converting all the money we have, into gold. I can't blame them, because the federal reserve prints out hundreds of billions of dollars out of thin air, so yeah, that'd be hard to imagine.

If you're a saver, you have to save and earn like 3-5% a year, just to break even, since your dollars are getting more and more worthless. If someone really wanted gold, they could offer a higher return on investment, but if they can't, why should your money and savings lose 3-5% value a year, every year? By printing money out of thin air to "stimulate the economy", you hurt a lot of people, savers, fixed income people and retirees.

And as far as I know, no country or society has lasted long under a system of paper money, created out of thin air, with nothing to back it. But there are a lot of places that lasted under sound money, backed by hard assets.