Here for the Truth on Money and Bitcoin with Robert Breedlove (WiM271)
The "What is Money?" Show
00:00
The Core Problem With a Gold-Backed Currency
With a gold-backed currency, we had successfully augmented money such that we had a good tool for holding value across time in gold. By 1971, Nixon had revoked the gold standard so that the paper currency, the US dollar, was no longer redeemable for gold. So all we actually have in our pocket is a un-collateralized debt from the government. You just can't trust human nature to manage the money supply.
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