From Gold to Credit: The Evolution of Money

This chapter examines the pivotal transition of the U.S. dollar from gold backing in 1971, exploring its effects on inflation and the global banking landscape. It highlights the historical practices of money creation and banking, tracing roots back to alchemy and goldsmiths, and discusses the establishment of central banking as a protective mechanism for financial stability. The narrative critiques current banking practices and emphasizes the need for directing credit towards productive investments to enhance economic growth.