22 () posted 1 year ago by Joe_Shmo 1 year ago by Joe_Shmo +22 / -0 25 comments share 25 comments share save hide report block hide replies
but this is a very recent financial experiment- only since 1971 has the US dollar been backed by nothing.
massive inflation since 1971 kind of proves it failed.
More and more people avoid saving in dollars to avoid inflation.
Wasn't the first national currency backed by nothing and then rapidly switched over because it was worth nothing?
I seem to remember something vaguely to that effect regarding financing for the revolutionary war
If people have a choice - they will always save in the hardest most stable currency.
So CBDC and fiat rely on removing alternatives