The German and Austrian Exchange Rates Declined the Most During World War I

Eminent historian Niall Ferguson joins us to discuss the history of fiat money, its relation to war, its development over the past century and the prospects for bitcoin. Why did Britain join World War I, and was it a wise choice? How eager were the British to join war? We debate whether it was the gold standard, or the suspension of the gold standard, that prevented recovery post-WWI and laid the foundation for World War II. And we discuss Professor Ferguson's views of bitcoin and its future prospects.

Resources 

• Article: Bitcoin winning the covid-19 monetary Revolution -  https://www.fa-mag.com/news/bitcoin-is-winning-the-covid-19-monetary-revolution-59155.html?section= 
• Book: The Ascent of Money - https://www.niallferguson.com/the-ascent-of-money
• Book: Pity of War - https://www.niallferguson.com/pity-of-war  
• Niall Ferguson website - https://www.niallferguson.com/ 

Enjoyed this episode? You can take part in podcast seminars, access Saifedean’s courses – including his ongoing course ECO22: The Fiat Standard – and read chapters of his forthcoming book, Principles of Economics, by becoming a Saifedean.com member. Find out more here.