X @Nick Szabo
Nick Szaboยท2025-10-17 02:38
RT Nick Szabo (@NickSzabo4)Eventually default turned these gold IOU paper notes into fiat. BofE started refusing to honor its notes in 1931. The Fed reduced the amount of gold it would redeem a dollar for in 1933, restricted gold trade by targeting the centralized bank vaults, and went full fiat in 1971. ...