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WiM044 - The Saylor Series | Episode 10 | The Death of Gold
The "What is Money?" Show
The Problem With the Gold Standard
Gold was chosen as a medium for trade because it had the lowest error rate. Gold inflation averages about two % per year, so you know with relative certainty that you're only going to be debased or diluted at a rate of about two percent every 35 years. If there was ever a technological break through that gold could now be manufactured in a lab and sold profitably, its value would implode. And we have actually seen what we are seeing here: These discoveries, like the gold bonanza in america, where all of a sudden these certain explorers stumble on a stash of gold and then they sell it into the market.
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