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The Beauty of The Gold Standard | The Twilight of Gold Series | Episode 5 (WiM150)
The "What is Money?" Show
How to Keep the Gold Here
The bank of england raised interest rates in increment of one whole % at a time. It had a huge effect on their ability to retain gold domestically. The raising of the discount rate had the immediate effect of retaining money here, which would otherwise have been remitted abroad. And then, in even reversing the stream, bank is saying, ok, we're going to pay more on deposits. So now you see what value interest rates had.
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