DataNostrum on Nostr: "That's why the dollar had to be detached from gold." No, Nixon decoupled the dollar ...
"That's why the dollar had to be detached from gold."
No, Nixon decoupled the dollar from gold in 1971 because some countries (e.g. France) were demanding to redeem dollars for gold as originally promised under Bretton Woods, but the US very likely did not have enough gold to cover the dollars it had printed.
I agree that a deflationary currency discourages spending compared to an inflationary currency, but I don't see that as a bad thing. It discourages *stupid* spending, and encourages *sensible* spending.
Published at
2024-06-18 15:06:18Event JSON
{
"id": "e37c08a50e68d7bfff56bfb6df0a234da44f675bb893ae5da4ad92499fa318cb",
"pubkey": "4aa4d22440770429fa745b674fab7e46ed267f36a1abae6ff4e8d26eb65b7f52",
"created_at": 1718723178,
"kind": 1,
"tags": [
[
"e",
"825ede31bf5de9a7c3f7b6cc816917e81ad0d69f0889425d4e583aae17357bea",
"wss://nostr.oxtr.dev",
"root"
],
[
"e",
"22272e590d5e1775aa079a42b0d13508c001e45291b877970ee780b341030889",
"wss://nostr.oxtr.dev",
"reply"
],
[
"p",
"eeadea6cbb5018a190f0117857de513cc271d24c947d56cd82c54a6b64ae47a4"
],
[
"p",
"dd664d5e4016433a8cd69f005ae1480804351789b59de5af06276de65633d319"
],
[
"p",
"4aa4d22440770429fa745b674fab7e46ed267f36a1abae6ff4e8d26eb65b7f52"
],
[
"p",
"bb3555be5f416a17ac20d0b07d8f14b1137139d33a4c1d6eb4939b3287698522"
],
[
"p",
"47be0b2a89faaa66bc57f5c679203486da45660295cb3db3c2f38f4be8d8816e"
]
],
"content": "\"That's why the dollar had to be detached from gold.\"\n\nNo, Nixon decoupled the dollar from gold in 1971 because some countries (e.g. France) were demanding to redeem dollars for gold as originally promised under Bretton Woods, but the US very likely did not have enough gold to cover the dollars it had printed.\n\nI agree that a deflationary currency discourages spending compared to an inflationary currency, but I don't see that as a bad thing. It discourages *stupid* spending, and encourages *sensible* spending.",
"sig": "b41f8702bae44c982ac19c101a45ea3813266be394395a1489b148ef6cb76977b45b3931555b4f26e0fb616ae30d9956bd5e1eb59736600c92674d29ba791c69"
}