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Should we return to the Gold Standard
2 years ago
33
We were already in a gold standard, and it was no longer sustainable for world currency. Globalization took over in the 20th century, something gold could not handle any longer, after about 5,000 years serving the smaller world. That is why the world replaced it with paper money: the fiat system, something just as fragile as paper itself.
Sources:
https://goldprice.org/spot-gold.html
https://www.tcd.ie/Economics/assets/pdf/SER/1997/Catherine_Downey.pdf
https://www.linkedin.com/pulse/roman-currency-debasement-brief-history-von-wooding
https://en.wikipedia.org/wiki/Executive_Order_6102#cite_note-2
https://www.qwealthreport.com/the-bank-run-on-gold-continues/
https://insights.som.yale.edu/insights/how-the-nixon-shock-remade-the-world-economy
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