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3min chapter
World History Told Through the Lens of Money with Niko Jilch (WiM336)
The "What is Money?" Show
The Euro and the Eurozone
The EU established the euro as a means of getting away from the USDA. They knew they couldn't just come together and say, we are going to establish our currency and then you know, fuck the dollar and we're doing our own thing. So they said we have to find a way to implement this in a way that the market, we're at the market decide basically. That's why there is a huge gold component in the euro. And the euro zone has about 12,000 tons of gold. There's more than any other country - ironically why they would sell gold in preparation for launching the euro so that the other countries would also have some chips to play with them.
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