The Centralization of Money and the Role of Gold Reserves

This chapter discusses the centralization of money and the role of gold reserves in the 19th century. It explains how advancements in technology led to the development of centralized gold reserves, where claims on the gold were moved instead of the physical gold itself. The chapter also explores the impact of central banks printing credit money during World War One and how it prolonged the war. Finally, it reflects on the significance of the war and its unresolved nature in shaping current conflicts.