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230: The Gold Standard

Classical Stuff You Should Know

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The Problem With Order 1066

During the Great Depression FDR changed the exchange rate of what gold is from I think $23 an ounce to $30 an ounce and people start freaking out. When that happens, well there's going to be less confidence in the paper and more confidence in the gold so people start like trying to find as much gold as they can. And then FDR ends up confiscating gold and paying a fixed amount for that gold by force and people are still salty about it.

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