Hacker News Reader

Here's a thought experiment for you: if "fiat currency=bad" and "hard money=good", why did the world collectively switch? Where are all the prosperous societies that held the line?

View on HN

They were forced to switch when the dominant military power decided to rugpull on August 15, 1971.

Exactly how did the US suspending conversion of its dollar to gold prevent other countries from using hard currency instead of fiat for their own?

There is an answer the crypto enthusiasts have to this, but since I'm not one of them I wouldn't do the argument justice.

The short version is, it's about control and power.

Reply on news.ycombinator.com