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31 sats \ 4 replies \ @justin_shocknet 11 Sep \ parent \ on: Thomas Jefferson and the Financial Panic of 1819 econ
Nixon might have saved the country in doing so, that's why they had to get rid of him. He threw himself in front of the train carrying out American resources.
The problem is the US dollar was (and still is) world reserve, he slowed the bleeding, problem is we haven't yet stopped it. Gold is terrible money and is directly responsible for creating banks and world reserve currencies because of its shit transportability/verifibility.
I don't think he saved the country by pegging the dollar to a barrel of crude oil. He might have created a delaying tactic.
Gold is terrible money and is directly responsible for creating banks and world reserve currencies because of its shit transportability/verifibility.
I disagree. Gold is inherently worth something. That takes the prime consideration above everything else.
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Doubt there would have been a direct-to-fiat path back at that time, that being the case pegging to oil was brilliant because it incentivizes energy production when its inevitably inflated, makes it the closest thing to an energy-currency.
Gold is inherently worth something
That's a terrible bar, lots of things are inherently worth something, that doesn't make them good money. Equity in productive assets and real estate are now and will always be the real value we attempt to store.
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that being the case pegging to oil was brilliant because it incentivizes energy production when its inevitably inflated, makes it the closest thing to an energy-currency.
If you like giving away your freedom to Saudi Arabia, sure.
That's a terrible bar, lots of things are inherently worth something, that doesn't make them good money. Equity in productive assets and real estate are now and will always be the real value we attempt to store.
Real estate has a relative price compared to gold. Anyway, we probably aren't going to agree beyond this point.
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Saudi Arabia
Thats the CIA for you, working around what Nixon did. Tariffs on imported oil while incentivizing our own production via peg could have been a boon.
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