What happens to purchasing power in the long run when the state nationalizes money by creating central banks and planning institutions? The gold standard has obviously been an obstacle to the unlimited accumulation of debt around the world. And the centrally planned economy must have worked so well in the Soviet Union that people around the world adopted the concept into their money. By the way, what happened in 1971?**(check below)

Founding Years of Central Banks:

☞ 🇦🇷 Banco Central de la República Argentina: 1935

☞ 🇺🇸 Federal Reserve: 1913

☞ 🇬🇧 Bank of England: 1946*

*(established in 1694 and privately owned by stockholders; nationalized in 1946)

How about some history?

☞ “For in every country in the World, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins." THE WEALTH OF NATIONS by Adam Smith, 1776

**What happened in 1971?

☞ “(..) to suspend TEMPORARILY the convertibility of the dollar into gold (...)"

☞ “(…), your dollar will be worth just as much tomorrow as it is today.”--Richard Nixon in 1971 when he temporarily abandoned the #gold standard 53 years ago

Btw, did you know:

(You need to be strong now)…

☞ “Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.” - The Communist Manifesto, Karl Marx, 1848 ✊ 🚩🚩🚩🚩

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