this post was submitted on 18 Apr 2024
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End of the gold standard.
Before, if you didn't get a raise, the minimum wage would at least keep up with inflation since it was tied to gold
That's.....just not true at all. Commodity based currency is just as prone to inflation as fiat, the only thing it does is introduce volatility to your currency if the commodity market faults.
Gold does not have a definitional inherent worth, meaning if the government wants to "print" more money while on the gold standard, they just change the monetary value of gold, as Roosevelt did in 33'