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Cake day: July 8th, 2025

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  • is imperialism a necessary precondition for a fiat system to flourish? in the other thread i put a quote from capital that seems to suggest it is, and i suspect that isn’t wrong. for a country to leave the gold standard, it seems to me it would be necessary for it to have a reasonably-sized sphere of influence such that its currency doesn’t immediately become worthless abroad. maybe it could move gold reserves into the hands of consumers or of importers, but at that point it would probably end up making its own money obsolete. relatedly, is it accurate to say bretton-woods replaced the gold standard with the dollar standard? that is, with all or most nations holding dollar reserves, has the labor-value of the miner been replaced in money by the labor value of the entire usamerican proletariat, plus debt owed to the united states by foreign nations? or am i misunderstanding the source of the value of fiat money?