When the fuck is it going to happen?

Jow Forums doesnt give a fuck about anything other than crypto pyramid schemes, believe me ive posted about this many times, Jow Forums Jow Forums and a few other places actually have the brains to think about it realistically.

Jow Forums cant think outside of the box of paper currency actually being potentially valueless. they think money = paper.

I cant believe the petrodollar retards still exist.

it doesn't have to be gold, anything that keeps a lid on the growth of the money supply would work. The goal being to prevent the central bank from extracting a tax from everyone in the form of inflation, or engaging in dangerous stunts like QE that inflate asset bubbles.

this shit has been happening for thousands of years it's not nixons fault

Backing currencies with commodities has its drawbacks but they pale in comparison to the sheer catastrophe that fiat currency has been.

What catastrophe? Economic growth has never been greater since the '70s when the standard was dropped

>What catastrophe?
yeah the debt-based economy certainly isn't a catastrophe

Where do the effects of this catastrophe show? I know of no casualties of national debt

Pitchford thesis

mortgages

Working minimum wage you could afford university with no debt and the cost of living. Getting a job you could easily buy a car and house even if that job was labor. Inflation has sky rocketed and purchasing power has fallen off a cliff.

>He actually believes that shit will ever happen

That's because wage growth has been low in America for a long time. What has that got to do with national debt?

it will.
In my lifetime.
Jesus said so.

>SHORT ANSWER

the early 70s, when Nixon removed the dollar from the gold standard, also just happens to be when wage growth stopped tracking productivity growth.

The rich have more of their assets in things that appreciate in line with inflation. People who get a paycheck get compensated in steadily-depreciating dollars - it's a lot easier to hold wage increases to below inflation than it is to actually cut people's pay. And lots of folks won't even notice they're getting stiffed, if inflation is 3% and they get a 2% raise for the year.

the problem is fiat currency

It wasn't Nixon's fuck up. He was a victim of the circumstances at hand. LBJ fucking broke the bank funding gibs programs with the Great Society failure alongside Vietnam AND the Moon shot. Nixon came in and was handed an ultimatum by France and several other countries to convert all USD to Gold immediately. Nixon tried negotiating a revised value of gold per dollar but nobody was buying into that farce after the LBJ fiasco so he did away with the entire Breton Woods system. The economy ate shit for the next 12 years with stagflation until Reagan started tinker with the tax rates and boosted government spending.

But how is that related to national debt?

I agree,im just saying short answer bro, explaining this crap takes an entire thread and is incredibly complex which is why people give up, it also sounds counter intuitive at times too.

who said anything about national debt?

user implied that a debt based economy (which has been caused by fiat currency) was a catastrophe , and I asked why.
Someone else said mortgages but didn't explain.

it's a catastrophe because you need to go into debt to get things which every human wants, like a house and an education

What's wrong with that? You don't have to be in debt forever.

Each individual or group that loses faith in the dollar lowers the value of the dollar by offloading it which causes more to lose faith. This means it will happen with little to no warning and potentially no great reason.

Most people are in debt for the majority of their lives, and that debt enables the rich to get even richer while the poor get poorer

Nothing is wrong with taking a loan on a debt you can pay, but the banks gave loans to people whom couldnt pay them and secured them on a speculative housing bubble and when people defaulted, house prices crashed and the assets on the banks books fell in value and banks defaulted to other banks.