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The History of Bad Ideas: The Gold Standard
Apr 28, 2024
Political economist Helen Thompson discusses the rise and fall of the gold standard, its instability, and the transition to fiat money. Topics include why gold was chosen, the source of instability, and the impact of quantitative easing. Explore the evolution of the gold standard, political shifts in the 1930s, and the challenges of moving away from commodity-backed currency.
48:12
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Quick takeaways
- The gold standard provided stability in international trade relations by anchoring currency to a fixed rate of gold exchange.
- The debate between gold and silver symbolized broader political conflicts and tensions surrounding democratic reform.
Deep dives
The Rise and Fall of the Gold Standard
The podcast delves into the historical context of the gold standard, exploring its heyday in the late 19th and early 20th centuries. The gold standard functioned as an international currency system based on gold, providing stability and predictability in trade relations. The system was centered on the convertibility of banknotes to gold at a fixed rate, facilitating international trade without significant concerns about currency fluctuations. However, the podcast highlights how the gold standard faced challenges and ultimately broke down at various points in history, leading to questions about its sustainability and effectiveness.
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