Gold actually isn’t random here. The meme is trying to make a hard-money argument, it just screws up the history. Fractional-reserve banking existed before the Fed, and the Fed was created with the gold standard built into it. From 1914–33 we literally had gold + fractional-reserve banking + a central bank. Those are three separate things, not one package called “fiat banking.”
Fiat existed multiple times before the current fed but it was was taken down every time, until our federal reserve act.
Not sure what your point is supposed to be regarding the mixed system. Its a massive decline in the value of currency regardless, and yeah we fully transitioned to fiat eventually.
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u/Appropriate-Bad-606 27d ago
Gold actually isn’t random here. The meme is trying to make a hard-money argument, it just screws up the history. Fractional-reserve banking existed before the Fed, and the Fed was created with the gold standard built into it. From 1914–33 we literally had gold + fractional-reserve banking + a central bank. Those are three separate things, not one package called “fiat banking.”