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Wikipedia says that the world’s total GDP in 2005 was $44.4 trillion dollars. American GDP was $12.2 trillion dollars.
Depending on whose numbers you want to use, the financial derivatives market in 2005 was $150-200 trillion dollars.
How do you explain financial activity that is three times the size of GDP?
I’ll use PS’s words: “all kinds of financial and monetary supply shenanigans”.
With precious metals backed currencies, these financial games would not be possible.