🎓 Dr. Freemo 🇳🇱 @freemo@social.cleverlibre.org

@posrev

Not the federal bank, the fed hadnt existed yet. It was created as part of the solution.

It was a stockmarket crash, and the full details are rather involved, but the gold backing the money was a central part of the problem and removing that fixed it, which is why we have never seen a crash remotely likely it since.

@icedquinn

@icedquinn

yea no, not what happened. The fiat being gold-backed was well established as a problem not a boon.. and while yes some people object to the fed and im not saying the fed and the way it structured is a good idea by any means, but not backing money with gold was absolutely the right decision.

@posrev

@icedquinn

To give you an idea as to actual numbers, the buying-power of gold today is 10% of what it was in 1980 and 20% of what it was since 1720.

@posrev

@posrev

Yea, thankfully when we learned just how unstable that made our economy we changed it. In fact the great depression was a huge reason to get off the gold standard as it was a large contributing factor

@icedquinn

@icedquinn

Not even remotely true. Gold has widly changed in its trade value over the years. In fact just in our lifetime gold has swung considerably.

@posrev

@icedquinn

100% of people who eat spinach eventually die. Therefore spinach must be unhealthy.

@posrev

@posrev

It is a specific type of bond called a T-bond.

@icedquinn

@posrev

Its actually more like a loan to the public, and the amount of money generated is based on an auction that is priced effectively betting on the future value of the american economy.

@icedquinn

@icedquinn

The government can not and does not directly spend the money it prints.

@posrev

@icedquinn Gotta stop being a tard before you can retard.

@freepeoplesfreepress

Agreed on that

@kravietz @realcaseyrollins