Cryptocurrency in simple details.

[Pat Mustard]

This confidence is eroding quickly due to the ridiculous growth in the money supply (M2). Many commentators are predicting the end of the USD as the world's reserve currency by the end of the decade. I believe that is a reasonable time frame.

Without the "ridiculous growth in money supply" there wouldn't be a world economy larger than what we had c. 1850. As multiple nations found out in the 1880's, 1890's, 1900's, 1910's, 1920's, 1930's and 1940's commodity backed currencies were not in any way, shape or form capable of being useful in an industrial global economy.

Oh and the US dollar between 1948 and 1974 wasn't backed by gold, it's movements in value were constrained by mechanisms set up by the Bretton Woods agreement to have the worlds currencies move in tandem based on worldwide economic factors.