Honestly I think pretty much anyone could build a better financial system, and more people should try. What we have now is the result of centuries of unchecked power. This monetary policy was created by Richard Nixon and then we adopted a Keynesian rationale post facto. It didn't evolve, it was stolen.

If you've got another idea (including moneyless systems) I'm down to try that too, but what we've got right now is pure garbage, and having no out before the modern era doesn't imply that it's good.

[–] megopie@lemmy.blahaj.zone 3 points 14 hours ago (1 children)

The modern banking system and monetary policy was created under FDR. Nixon just stoped pretending it was backed on gold and told de Gaulle to kick rocks when he asked for the gold back.

Realistically the changes under Nixon are peanuts compared to the digitization of it all since the introduction of systems like Swift.

[–] explodicle@sh.itjust.works 1 points 14 hours ago (1 children)

You say that like Nixon wasn't unilaterally breaking the Bretton Woods Agreement. No offense, but are you an American?

https://en.wikipedia.org/wiki/Nixon_shock

[–] megopie@lemmy.blahaj.zone 2 points 14 hours ago

Yes I am an American and I know what he did, but I also know that the Breton woods agreement was only a small part of the financial system, and that realistically, the economic downturn of the 70s was far more heavily impacted by several oil shocks and the hangover from massive spending on Vietnam.