#19 – Logan Chipkin: Understanding Economics
Arjun Khemani Podcast
The Rise of the Gold Standard
The gold standard era basically ended in 1914 when World War I broke out. The short story is that governments and their central banks were all too tempted to break with the gold standard by creating layer two money instruments from thin air. Now you could say well why didn't these governments just tax their citizens in order to pay for their war efforts? Well taxation is quite unpopular especially if it's for something that the people don't really buy into such as WWI. It was no longer the case that bank notes or whatever you want to call them were quote unquote as good as gold which they used to be only a decade or a couple decades ago before WWII.
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