• explodicle@local106.com
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          1 year ago

          The Nixon Shock was the end of the Bretton Woods system (kinda sorta a gold standard) and the beginning of unlimited inflation we see today. Everything absolutely went to shit after Nixon, especially inequality.

          • JohnDClay
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            1 year ago

            Is gold actually worth something though? Most of it’s value is also just because it lasts a long time and we all think it is valuable. And I disagree that things have gotten worse only since Nixon

            • explodicle@local106.com
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              1 year ago

              Sorry if I implied the world in general has only gotten worse since then. I was referring to the money supply and its consequences.

              Why do you say “most”?

              • JohnDClay
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                1 year ago

                Gold has some value from use in corrosion resistant cables, contacts, or telescopes, but it’s mostly just an agreed upon store of value like any other currency

                  • JohnDClay
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                    1 year ago

                    I mean usd cash can be used for fire kindling. Both get the vast majority of their value from our collective decision to think that they are valuable.