The gold standard ended in America during the Great Depression, and deficit spending with a fiat currency helped end the problems Wall Street’s short sighted greed caused.
Inflationary policy has its problems but the vestigial remains you’re referring to ending in 1970 didn’t mean anything compared to the rise of neoliberalism itself.
Gold is fine if you’re expecting a collapse, or your government is run by fascist twats with direct financial incentive to inflate the national currency, but the end of the standard simply wasn’t the problem.
They excluded housing appreciation from the CPI in the late 80s, created 30 year loans, massive bailouts adding to moral hazard; I agree its neoliberalism, deregulating the money supply growth made people over leverage to profit off the cantillon effect, obviously leading to asset bubbles.
The gold standard ended in America during the Great Depression, and deficit spending with a fiat currency helped end the problems Wall Street’s short sighted greed caused.
Inflationary policy has its problems but the vestigial remains you’re referring to ending in 1970 didn’t mean anything compared to the rise of neoliberalism itself.
Gold is fine if you’re expecting a collapse, or your government is run by fascist twats with direct financial incentive to inflate the national currency, but the end of the standard simply wasn’t the problem.
They excluded housing appreciation from the CPI in the late 80s, created 30 year loans, massive bailouts adding to moral hazard; I agree its neoliberalism, deregulating the money supply growth made people over leverage to profit off the cantillon effect, obviously leading to asset bubbles.