Falkreon 🏳️‍🌈 @falkreon@witches.town
Suivre

@ghost_bird @UberActivist
Re: "currencies don't use gold any more" - This is tricky, there's more to it than that. After WW2, most countries were on either a gold, silver, or dual gold-silver standard, and that worked out fairly well.

What was less appealing was that the IMF was managing exchange rates, pegged to gold *only redeemable by the US*. This gave the US a grossly unfair advantage in the world market - essentially we could inflate our currency supply for free, but other countries had to pay IMF - and by extension the US - an equivalent amount of gold to do so.