Sorry, you're flat out wrong here. While the value of gold is heavily inflated due to its association with currency, it absolutely does hold inherent value, particularly in electronics

Okay, so it should have an inherent value somewhere between copper and aluminum. That does not help your argument, why not just hoard aluminum, it's lighter anyways.

Nope, they're not. A central bank can make more fiat currency to make up for the reduction in liquidity. You can't make more gold. Once you've spent it all it, its gone.

The value of gold is able to be regulated.......which is what we did in the past. I've already explained this.

Yes, but only gold has inherent value. Yes, inflated, but it still has worth beyond its use as currency. That's the point that you're missing.

It's inherent value is not any more meaningful than any other conductive metal. Meaning that your claim is that we should use any material to back a currency. It also means that your argument doesn't apply to the vast majority of time we backed currency with gold before the advent of complicated electronics.

As someone who lived through it, no, that's not what happened, although it was a result.

What are you talking about? You specified the crisis that happened during the Carter administration, so that would be the 1979 oil crisis. That was the result of the Iranian revolution that started in 78, which makes it impossible to be the result of the 79 crisis.

OPEC saw a weakness in the dollar as a result of the decoupling from gold, and used the embargo to artificially drive up the price of oil to where it became a commodity with the strength of gold

Okay, so you are talking about the oil crisis in 73......6 years before Carter was in office.

Again.... The reason we decoupled from gold was because it was a shitty way to back a currency.

"Under the Tehran Price Agreement of 1971, signed on 14 February, the posted price of oil was increased and, due to a decline in the value of the US dollar relative to gold, certain anti-inflationary measures were enacted. A severe drain on US gold reserves lead to higher inflation and lack of confidence in the strength of the dollar, President Nixon issued Executive Order 11615 on August 15, 1971, which closed the gold window. This action made the dollar inconvertible to gold directly, except on the open market, and was soon dubbed the Nixon Shock, leading eventually to the collapse of the Bretton Woods system in 1976"

There are 48 official recessions in the US, and if you look though the statistics on the link above

Did the United States Confederate in 1854........? The reasons I did not date before then is because the "NBER does not date recessions before 1857, economists customarily extrapolate dates of U.S. recessions back to 1790 from business annals"

if you look though the statistics on the link above, the recessions after 1971 occur more frequently, last for longer, and have higher unemployment rates when you compare to the 50 years previous with the exception being the Great Depression

Lol, that's quite the window youve carved out....

Okay so we're looking at 1921-1971, I'll play ball.

So we are starting in the depression of 1920-1921(-33%), which started just 10 months after the post war depression(-14%), but we won't count that one.

1923-1924 (-23%) recession 1926–1927 recession (-12%) 1929-1933 the great depression (-27%) 1937–1938 recession (-19%) 1945 recession (-13%) 1949 recession -(8%) 1953 recession (-6%) 1958 recession (-8%) 1960–1961 Recession (-7%) 1969–1970 Recession (-6%)

Now we have 1971-2021

1973–1975 recession (-9%) 1980 recession (-8%) 1981–1982 recession (-10%) 1990 recession (-8%) 2000 recession (-6%) 2008-2009 recession (-10%) 2020 recession (-14%)

So yeah, no they were notore frequent, worse for the economy, or lasted longer. The longest after 71 was for 2 years, and the worse only lasted 2 months....

The link that you utilized did not mention employment statistics for each recession, but I'd like to know how you dreamed that up. I guess you could be using a total instead of per capita, like yeah.... There are more people with jobs now compared to the 30s....

Until the de facto currency represents true value capitalism will continue to grow like a cancer.

There is no such thing as true value..... That's the whole point of capitalism. The market determines value.

This is why I say money is imaginary - we believe it holds true value, when in fact the only value it holds is what we give it.

How is that different from the value of gold? According to you it's true value is just as a conductor, so gold should be priced slightly by its conductivity relative to aluminum? What are you talking about?