Zenoctate@lemmy.world to Greentext@sh.itjust.works · 2 months agoAnon describes currencylemmy.worldimagemessage-square34linkfedilinkarrow-up1372arrow-down141
arrow-up1331arrow-down1imageAnon describes currencylemmy.worldZenoctate@lemmy.world to Greentext@sh.itjust.works · 2 months agomessage-square34linkfedilink
minus-squareatro_city@fedia.iolinkfedilinkarrow-up7·2 months agoThey abandoned the gold standard because they couldn’t mine enough gold to back the amount they were lending.
minus-squareBlue_Morpho@lemmy.worldlinkfedilinkarrow-up10·2 months 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.