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Submission to Truth is Freedom | The Twilight of Gold Series | Episode 3 (WiM137)
The "What is Money?" Show
The Ineffective Application of the Interest Rate Mechanism
A nation's on a gold standard when gold is used as the ultimate numerar of its monintary system. All currencies, all payment methods there are redeemable in strictly prescribed ratios at their bearer's request. So if one country imports more than they export, then, in other words, they bought more than they sold. They would end up being a net exporter of gold and a net importer of goods and services. And so it means that gold would be leaving the economy. And locally, when money leaves your economy, prices go down. It has a deflationary effect locally. This is basically a rough outline of david hume's price speci flow mechanism.
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