Imagine you've always traded your apples for my oranges because we agreed on their value. One day, I say, "No more trades unless I say it's cool and it benefits me." That's what happened when the U.S. said, "No more swapping dollars for gold unless we think it's a good idea." Suddenly, the value of our trade (or in this case, money) wasn't about what we agreed on (like gold) but what they said was okay. This was a big shift, marking the start of what we call 'fiat money'—money that's valuable because the government says it is, not because it's backed by gold or anything else. 🍏🍊💵🚫💰

https://youtu.be/7_Xw5tWsOQo?si=jt3Ze2WA6CBu3K6P

#Wbtm