Hoss "Sneed (Formerly Chuck)” Delgado (nprofile…gu4k)
"USD hadn't been redeemable for gold since the confiscation in the 30's."
under the bretton woods system established in 1944, the us dollar was pegged to gold at a fixed rate of $35 per ounce, and other major currencies were pegged to the dollar.
foreign central banks and governments -not private individuals or businesses- could redeem us dollars for gold at this official rate.
in 1971 nixon suspended the dollar’s convertibility into gold. it made the us dollar a fiat currency.
mk
npub1vk…wp630
2025-06-14 04:39:36 UTC
in reply to nevent1q…gr2g
Author Public Key
npub1vkfqtl4u33nr4tfuej3t6dcrw79yzq8vfq4sqzz3a0ujqytk0wgqhwp630Seen on
wss://relay.ditto.pubPublished at
2025-06-14 04:39:36 UTCEvent JSON
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