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.
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.