Now there was a time where you could go to the bank and you could redeem 35 for 35 ounces of gold and this was done so that banks didn’t get too powerful because the idea was that banks would only be able to lend what they had on
Hand but without a commodity like gold backing the dollar this gave them unlimited power to give out as many loans as they wanted to now all of this changed in 1971 when president richard nixon took us off the gold standard and here’s exactly what happened to the
Value of the dollar since then the value started to drop more and more specifically since 1913 the exact year we created the federal reserve in fact since then the dollar has lost roughly 96 percent of its value which means a dollar today buys you the same amount of
Stuff that roughly four pennies did in 1913
Video Title: How The Dollar Lost 99% Of It’s Value #shorts
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Video ID: l4T-GPbbsYg
Video Views: 3763247
Video Date: 2022-04-13 16:15:04
Video Duration: 00:00:51
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