LynAlden on Nostr: I like how this St Louis Fed post blames people for banks’ failings. Flip it ...
I like how this St Louis Fed post blames people for banks’ failings.
Flip it around. Banks irresponsibly created way more claims for gold than they had gold, kept defaulting, and lost trust. So the government made gold illegal to own for like 40 years.
There was no “shortage” of gold in the Great Depression. There was an excessive amount of fraudulent promises for gold, made by commercial banks and central banks.
https://www.stlouisfed.org/open-vault/2017/november/why-us-no-longer-follows-gold-standard 
Published at
2024-08-12 12:36:44Event JSON
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"content": "I like how this St Louis Fed post blames people for banks’ failings.\n\nFlip it around. Banks irresponsibly created way more claims for gold than they had gold, kept defaulting, and lost trust. So the government made gold illegal to own for like 40 years.\n\nThere was no “shortage” of gold in the Great Depression. There was an excessive amount of fraudulent promises for gold, made by commercial banks and central banks.\n\nhttps://www.stlouisfed.org/open-vault/2017/november/why-us-no-longer-follows-gold-standard\nhttps://m.primal.net/JxGW.jpg",
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