all 5 comments

[–]magnora7 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (2 children)

Because it caused the great depression.

The inability to create new money caused a deflationary cycle (the dollar being worth more and more, and thus people hoarding it to make money, thus accelerating the cycle) and that's why the great depression happened. There literally weren't enough dollars to go around, so an apple was like 2 cents and ridiculous prices like that.

However the current regime of never-ending-inflation isn't really any better imo. Now we just have inflationary crises, as the dollar continues to lose its value, hurting anyone who holds USD as a store of value.

[–]JasonCarswell 3 insightful - 3 fun3 insightful - 2 fun4 insightful - 3 fun -  (0 children)

I would add that it was far from the only thing to cause the Great Depression.

Agreed our current situation (pre-corona as now all bets are off) is terrible, inflation has gone up yet wages and prices have been artificially kept low, thus the rich got richer - all that before this latest scamdemic, which is ludicrously knocking the inflation into orbit as they just print more money (never good) and don't bother relieving any debt (via jubilees or whatever means necessary) as the banksters have no interest (pun intended) in solving anything.

[–]whereswhat 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

I smell what you're stepping in op. As far as I can tell, you aren't wrong.

Here is a great set of plots that show the impact of switching off the gold standard: https://wtfhappenedin1971.com/

I will let you come to your own conclusions but am happy to answer any questions about the data science behind this (as best I can).

[–]zyxzevn 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Personally, I think that most gold is stolen..

[–]Chipit 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

But inflation helps the already-wealthy. Good luck getting them to change their minds. They're sociopaths.