X @Nick Szabo
Nick Szaboยท2025-10-19 03:42
RT Nick Szabo (@NickSzabo4)Because we had gold in there in 1953? Had it all gone overseas by 1971? Under Bretton Woods certain foreign governments could redeem dollars for gold at a fixed price. The dollar supply grew much faster than the gold supply, and France took advantage of this by redeeming dollars for gold. By 1971 this forced Nixon to go full fiat.Also, AFAIK there's always been more gold stored at the NY Fed than at Fort Knox. ...