Contradiction of The Gold Standard | The Twilight of Gold Series | Episode 4 (WiM142)
The "What is Money?" Show
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Is There a Contingency Clause in the Gold Standard?
The centralization of gold allowed governments to circumvent the rules. In war time, governments could suspend convertibility and the rule worked because people understood it was an unitential threat. But now look where we are: everything qualifies as a contingency now. So there's no pre commitment mechanism. There's no commitment mechanism. And it leaves people feeling really adrift financially,. Right? I don't know. It is the total abandonment of property rights."
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