The Gold Standard and Modern Monetary Dynamics

This chapter explores the historical significance of the gold standard and its impact on government bonds, highlighting how bonds were primarily used to sustain currency confidence rather than fund government expenses. It compares historical and modern practices, explaining the roles of primary dealers and central banks in influencing interest rates and borrowing costs. The discussion also critiques misconceptions around monetary policy, emphasizing the importance of fiscal measures and advocating for accessible education in Modern Monetary Theory.