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230: The Gold Standard

Classical Stuff You Should Know

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The Failure of the Gold Back System

We don't even know how many US dollars there are in the world, right? Like if you are a French bank and you loan American dollars to a Belgian business and they promised to pay you back in US dollars. Well those dollars need to exist at the time that they're paying you back. And this is sort of like the Milton Friedman. He's like the acolyte or he's like the big, you know, the evangelist of the free trade model. Basically the United States fumbled its way into this position where their dollar ended up being the settlement rail for the world. But when- As long as it's named something cool like a looney or a dune

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