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10 sats \ 0 replies \ @pillar 16 Jan \ on: Why did ALL countries abandon gold & silver money to use fiat currency? econ
Probably because the countries that have gone Fiat already have an incentive to make the others join.
If the almighty US Government decides to go Fiat, it doesn't want some other little country to stay in the gold standard. Because their currency provides an easy way for US citizens to escape debasement, and makes it obvious that debasement is happening.
And so, you get something like Bretton Woods.