Zenoctate@lemmy.world to Greentext@sh.itjust.works · 1 year agoAnon describes currencylemmy.worldimagemessage-square33fedilinkarrow-up1375
arrow-up1375imageAnon describes currencylemmy.worldZenoctate@lemmy.world to Greentext@sh.itjust.works · 1 year agomessage-square33fedilink
minus-squareatro_city@fedia.iolinkfedilinkarrow-up7·1 year agoThey abandoned the gold standard because they couldn’t mine enough gold to back the amount they were lending.
minus-squareBlue_Morpho@lemmy.worldlinkfedilinkarrow-up10·1 year 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.