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this post was submitted on 08 Sep 2025
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Technology
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How long did we kick the foundations out of the US dollar when we got rid of the gold standard, and just let it float on speculation and feelings? What, 60-70 years now?
How long has the stock market existed on the whims of people's feelings over cold hard statistics and long-term analysis?
Markets have been ignoring reality for many decades.
To be fair there's all the shit with dollar denominated oil, SWIFT, terrorist regime change on countries that don't want to play along, etc. It might not be based on any kind of fair exchange of value, but that's not quite the same as the USD's global reserve currency status being vibes-only.
Exactly. Since the end of the gold standard, the economy hasn’t been about production — it’s been about valuation.
70 years ago, companies were built to make things: cars, fridges, tools. Today, they’re built to inflate stock prices.
The real product isn’t goods. It’s debt, speculation, planned obsolescence.
And now, AI isn’t replacing workers to make things better. It’s replacing them to cut costs — while real needs go unmet.
This isn’t progress. It’s the slow collapse of a system that forgot its purpose.
There are two sides to that story.
There is not enough gold to match the increases in both population and productivity of the last 70 years, and you don't want just a handful of people holding gold that spikes in value through the roof.
Smart people invest in companies that pay dividends. Speculators invest in... whatever, tulip bulbs.
It's the slow but inevitable achievement of end-state of a system designed to re-frame and re-centralize power in the hands of the elite following the liberalization of political power.
This is its purpose. It always has been.