WiM044 - The Saylor Series | Episode 10 | The Death of Gold
The "What is Money?" Show
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The Implications of a Gold Standard
Gold was a reliable medium for final settlement, but it could only be used for large transactions. So we had to build systems of deferred settlement around it which are economically more efficient. But if they introduce all of these this need to trust counterparties, which comes with counterparty risk, which blows up time and time again. The implication is city state because i have to get my credit from the local merchant. And so you can't have an easy rise of the nations state under a gold standard or a coinage standard. It's kind of challenging, right?
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