The History of Paper Money – The Gold Standard – Extra History – #6
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The History of Paper Money – The Gold Standard – Extra History – #6 | BWG

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Even as the use of paper money grew, ties to the gold standard remained… and remained challenging. From the First Opium War to the Great Depression, … .

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49 thoughts on “The History of Paper Money – The Gold Standard – Extra History – #6 | BWG

  1. Coundn't we have the benefits of paper money without it's drawback if we had an united currency for the whole world ? (i know there are exchange markets but i'm lazy and i don't want to have to deal with that)

  2. Interesting that central banks still keep reserves of gold. I guess the central banks still see gold as an important way to store wealth even though they no longer encourage this for the general population.

  3. I’m pretty sure the British pound is still backed by gold today so the last bit about America being the standard all other countries measured against can’t be right because then they’d be holding twice the value for all notes? Great set of videos tho

  4. And yet I still run into all these backward thinkers in the US clamoring to go back to gold. I keep trying to explain to them these ideas and how dumb that is but not even having a degree in economics stops them from thinking they know best. It's quite sad that the new normal still isn't really normal to many here.

  5. So they stop the gold standard, and inflation is now rapidly increasing. For example look at the cost of a house in 1971. The worth of peoples money, and the costs of food and essentials. Compare those to now and the results speak for themselves.

  6. So if we're playing financial Nostradamus, then if other currencies are backed by USD, then for the next step, we just need (like a hole in the head, I suppose) the US to have its own "going mad with the printer" moment that simultaneously makes all those other countries' money worthless until they move their notes to the "imagination standard", now that the US has led the way.

    This is not central banking advice. Please, for the love of pants, don't do that.

  7. Tbh I’m not super sure this is the end of the story… I mean what about the 2008 recession and banking crisis and the rise of Bitcoin and cryptocurrency?

    Maybe time for an updated session?

    Btw just wanted to share my old high school world history teacher’s saying that we study the past to understand the present to predict and with hope influence the future!

  8. Yeah, when the most corrupt of pursuits, funding war is your reason to make policy that makes the system bendable to enable war beyond your realistic means is what brings you to this new revolutionary idea that solves all of your economic problem, you really need to stop and reevaluate where you're at and where you're headed. The value of the dollar isn't propped up by the efficacy of the flawed concept of money being solely the medium of exchange, it's propped up by America's might and influence, believe and trade in the dollar, OR ELSE! This idea that we can just trust a bunch of politicians with ultimate power to play around with the most fundamental mechanism of value exchange without any limitation apart from total collapse and catastrophe will result in those very circumstances…

  9. Every nation in history that has taken their money off the gold standard has suffered hyperinflation and an economic crash. Around 25% of all US dollars in existence were created last year. Ever since the US took the dollar off of the gold standard in 1971, the dollar has lost 98% of its value. The dollar is worthless, kids.

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