Re:Restaurant prices in the 19th and 20th centuries (2009)
by ximonn777 on Saturday July 31, 2021 @04:40PM
(#28021382)
Before 1971 gold backed currency. After its fiat with only backing a promise and price doubling every 15 years on average.
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Re:Restaurant prices in the 19th and 20th centuries (2009)
by sethc2 on Saturday July 31, 2021 @06:02PM
(#28021908)
Does this really effect anything?
If it did you figure the economic statistics would show drastic changes starting round then.
Re:Restaurant prices in the 19th and 20th centuries (2009)
by msla on Saturday July 31, 2021 @05:02PM
(#28021534)
Gold-backed currency is fiat, with government setting gold-money exchange rate.
Besides, there were more bank runs back in the gold standard era.
Re:Restaurant prices in the 19th and 20th centuries (2009)
by gruez on Sunday August 01, 2021 @01:06AM
(#28023924)
>Gold-backed currency is fiat, with government setting gold-money exchange rate.
The government can theoretically debase its currency at will, but how often does that happen?
>Besides, there were more bank runs back in the gold standard era.
Right, because there's a real risk that the bank/government won't be able to pay up the gold that was owed. These days it's not an issue because you can just print more money to fulfill the obligations.
Re:Restaurant prices in the 19th and 20th centuries (2009)
by inglor_cz on Sunday August 01, 2021 @06:12AM
(#28025190)
"Gold-backed currency is fiat, with government setting gold-money exchange rate."
Pedantically taken, yes. But outside of major wars, debasement of currency was rare. Compared to contemporary inflation stealthily eating away your savings, the difference is in practice stark.