Contradiction of The Gold Standard | The Twilight of Gold Series | Episode 4 (WiM142)
The "What is Money?" Show
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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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