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6min chapter
Will America Adopt Bitcoin? with Lawrence Lepard (WiM173)
The "What is Money?" Show
What Happened to the Gold Standard in the United States?
In 17 89, when they drafted the constitution, it said only gold and silver could be money. We didn't need a central bank, nonw we didn't need fiot money. The money was backed by gold. But what happened is that a lot of credit got built up because the banks got bigger and bigger. And so in 19 13, there came to the central bank, which was really a cartel for the banks,. You know, their charter was just to prevent bank panics. There were fe out experiments long ago. An there's a fiot experiment at the beginning of this country, in the united states.
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