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Nov 1, 2019 at 13:51 comment added user662852 The assertion that "gold" is immune from devaluation is historically disproven. The colonial Spanish economy from the 15th-17th century was famously wrecked by gold devaluation after they took too much from South America without an increase in domestic productivity. en.wikipedia.org/wiki/Price_revolution
Nov 1, 2019 at 9:14 comment added Gloweye Most countries abandoned the Gold Standard a while ago. And using the pre-currency barter systems as contrast, then gold used to be credit just the same.
Nov 1, 2019 at 3:44 history answered user1781498 CC BY-SA 4.0