The Most Important Question in the World Today | Episode 3 | (WiM327)
The "What is Money?" Show
00:00
The Demonetization of Gold
Silver was more. scarce than gold, so therefore, it functioned better as a day to day medium of exchange,. whereas gold was more scarce than silver. So one gold brick could, you know, buy a house or something equivalent like that. Now this changed once we started going into paper currencies. Once I have a gold back to paper currency, I now have something that's very divisible. And so that essentially led to the demonetization of silver. We've seen silver collapse in terms of gold over the past several decades but gold backed paper money. The value of gold was protected by proof of work. Effectively looked at the economic properties of gold. And then he combined
Transcript
Play full episode
