Why was the gold-backing of $USD discontinued during the Nixon presidency?
In: 11
There are *big* arguments about how best to run money, and nearly nobody – including economics textbooks, and certainly including me – can be trusted to give you an objective right answer. Maybe there isn’t a right answer. But fixing the price of money relative to one type of physical object – which seems really obvious – has had some unwanted side effects on the action of economies. This is a dangerous field to have a solid and unchangeable opinion in, especially for an amateur, and anyone trying to sell you something based on the idea that it’s all really simple when you get down to it may well be trying to rob you.
Latest Answers