Will America Adopt Bitcoin? with Lawrence Lepard (WiM173)
The "What is Money?" Show
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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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