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by nickpeterson
1184 days ago
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I don’t really think it does. They could just say this dollar is now worth less gold? Or they could put lengthy restrictions in place for exchanging dollars for gold until it nearly guarantees they’ll never need to produce most of the gold. Shipping gold is expensive and risky, eventually they’ll start saying, “you own this amount of the gold we have stored safely”. The abstractions find a way… |
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Leaders have been debasing currencies since forever.