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this post was submitted on 10 Aug 2023
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Asklemmy
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The US dollar with no backing value
Yeah? What should back the currency? What would have happened to the dollar if it was still pegged to gold? What is the difference between an artificially scarce natural resource and a currency backed by a superpower?
Like gold value has any meaning lol, humans are still just "ooo shiney"
That's exactly my point. Gold shills sit around and wax on about how it's a cure-all and how the gold standard was better blah blah without understanding the basic reasons why it had to go.
It’s backed by the government. Yes, if the government falls apart the dollar will be worthless, but if the government falls apart a lot more will happen than just the currency dying.
That's my reasoning behind trusting banks with my money. If shit goes down to the point I can't get my money out of a bank then it won't have much value for long anyways and I have bigger issues.
Nowadays, yes. Back in the day a run on the bank could screw everyone.
The days are numbered on this one, probably.