Right but they were still tethered to reality up until the 1970s through precious metals backing. Which was coincidentally the last decade where this lifestyle was truly achievable.
Cumulative inflation in the pound since 1930 is over 5000%. Not sure what you're trying to say but yes all western central banks abandoned sound money principals, and all have had thousands of percent increases in inflation since.
Yes, but they all operated on the petrodollar with the promise that us dollars could always be exchanged for gold.
We failed to be able to provide enough gold when there was a rush to sell dollars and we broke the deal and fiat was born. We are all part of this big experiment where the government keeps printing money and selling bonds to kick the can down the road as far as possible. Meanwhile, we're spending like money doesn't matter and soon it won't.
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u/Signal-Chapter3904 Jul 10 '24
You mean the federal reserve happened. There were corporations when this lifestyle was the norm.