154. Fiat History with Niall Ferguson
The Bitcoin Standard Podcast
00:00
The Great Depression Was a Conversion of World War I Finance
The Great Depression itself was essentially a consequence of World War I finance. The British couldn't go back to the gold standard at the prevalent pre-war rate, which had been around for a couple of centuries. And because they didn't have enough gold, they'd print too much money and they wanted to square the circle of trying to go back on this. Inflationary monetary policy of the 1920s that led to the Great Depression had its roots in Britain trying to export its inflation to the US.
Transcript
Play full episode
