The "What is Money?" Show cover image

Why Freedom Matters with Neil Oliver (WiM237)

The "What is Money?" Show

00:00

The Bank of England and the Brad Berry Pound

In times of strife, the central bank tends to suspend gold convertibility. This is so that people cannot exchange their promises for money in the form of currency - which is gold. There were more notes in circulation by a long way than there was gold in the vaults of the Bank of England. And so there was a very real risk of a run on the bank. If the banks had been wiped out, Britain wouldn't have been able to fight the war.

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