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Welcome to the 5th part of our Money series. We will explore how money was created, its evolution, apparent regression, and how systems, regulations, and our government complicated the process.
Even though this episode can stand on its own, please make sure to watch all 4 episodes for a better understanding of how our money works and how it gets devalued.
In this episode, let’s talk about the gold standard.
As global trade matured, banknotes became the go-too currency. It was easy to carry around.
In 1861, the first U.S. paper currency was printed.
But fears of the banknote or paper currency not actually amounting to anything grew.
So they tried to link the value of money to gold.
By 1821, England became the first country to officially adopt a gold standard. As all trade imbalances between nations were settled with gold, governments had strong incentive to stockpile gold for more difficult times.
Germany was the second country to adopt it by by 1871, the international gold standard was put in place. It didn’t take long for other countries to adopt the system.
The gold standard is a monetary system where a country’s currency or paper money has a value directly linked to gold. With the gold standard, a country that the money they have in circulation is the same amount of gold they have in their possession.
The idea is that if you were paid in dollars, you can take that money to the bank and exchange it for gold of the same value.
The gold standard arrests control of the issuance of money out of the hands of imperfect human beings. With the physical quantity of gold acting as a limit to that issuance, a society can follow a simple rule to avoid the evils of inflation deflation. You buy what you can afford. It’s that’s simple rule that seemed too threatening for the government because that means they have no control over money.
Ironically, or maybe, expectedly, the U.S. was one of the last countries to join.
All the way until mid 1910, the gold standard was working perfectly and then, World War I broke out.
To pay for war expenses, the US and Europe suspended the gold standard and printed more money to sustain their wartime efforts. Byt the time war is over, countries realized they like being able to print money to their heart’s desire. They floated the idea that the gold standard, may actually harm the economy.
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