Before Fed:. Gold was money. Banks issued bill of exchanges for gold, to be paid on demand.
25 Dec 2022, 09:32
Before Fed:
👉Gold was money
👉Banks issued bill of exchanges for gold, to be paid on demand
👉Deflationary economy - savers got richer
Now:
👉Gold is not money
👉Fed issues paper notes, not convertible into gold
👉Inflationary economy - savers get poorer
#Bitcoin
109 years ago today, the Federal Reserve was founded.
Since then, the US dollar has lost over 96% of its value.