@Zenoctate@lemmy.world to Greentext@sh.itjust.works • 1 month agoAnon describes currencylemmy.worldimagemessage-square34arrow-up1371
arrow-up1371imageAnon describes currencylemmy.world@Zenoctate@lemmy.world to Greentext@sh.itjust.works • 1 month agomessage-square34
minus-squareatro_citylinkfedilink7•1 month agoThey abandoned the gold standard because they couldn’t mine enough gold to back the amount they were lending.
minus-square@Blue_Morpho@lemmy.worldlinkfedilink10•1 month 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.