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Contradiction of The Gold Standard | The Twilight of Gold Series | Episode 4 (WiM142)
The "What is Money?" Show
The Problem Is That We Don't Need One Central Authority to Facilitate That Standard
Gold doesn't, it's not portable, frankly. So it makes sense that we troduced a an institution to augment that. Thats effectively what the bank is, right? It's like, let's put all the gold in one place. Well, then issue, we'll abstract that gold into a paper token,. and then we'll trade the token. Everyone has a call option via the token to get the gold any time.
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