The U.S. government’s failed 1890s attempt to forge unity through currency

Re:The U.S. government’s failed 1890s attempt to forge unity... by reedjosh on Friday June 11, 2021 @02:50PM (#27477099)

This misses that if there's a net benefit to asset backed debt, then the wealthy will gain from that the most.

As in my example above, gaining 1% net benefit on a $250k house can never compare to billionaires gaining 1% on their levels of asset backed debt.

Then there's fractional reserve banking which benefit banks via interest on money that otherwise didn't exist.

And as of just over a year ago, there's no fraction of the fractional reserve left. The fed lowered the reserve requirement to 0%

https://www.federalreserve.gov/newsevents/pressreleases/mone...

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Re:The U.S. government’s failed 1890s attempt to forge unity... by notahacker on Friday June 11, 2021 @04:43PM (#27478228)

Under a gold standard, you'd be lucky to get the 1% gain in value on the $250k house, and due to the relative scarcity of money the billionaires would be making a lot more on each dollar they lent you.

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