Why Nixon ended the gold standard in 1971 — foreign governments were redeeming dollars for gold

What the Glass-Steagall Act did — separated commercial and investment banking after 1929

The Glass-Steagall Act (1933) prohibited commercial banks from engaging in investment banking activities

What a stablecoin is — cryptocurrency pegged to a fiat currency, usually the US dollar

A cryptocurrency with a fixed value to a fiat currency, typically USD

What purchasing power parity (PPP) adjusts for — different price levels across countries

PPP adjusts for variations in the cost of living and inflation rates between countries

What the 1973 oil crisis caused — OPEC embargo quadrupled oil prices, triggering stagflation

1973 OPEC embargo quadrupled oil prices, sparking stagflation

What reserve requirements do — mandate how much cash banks must hold against deposits

Reserve requirements dictate the percentage of deposits banks must keep as cash reserves

What the tragedy of the commons describes — shared resources get overused without regulation

Tragedy of the commons: Unregulated shared resources lead to depletion