The Demise of the Gold Standard
Nixon’s closing the gold window should be seen as the end of the last remnant of the gold standard, not some kind of market failure. Governments controlled most of the gold and set its price.
Nixon’s closing the gold window should be seen as the end of the last remnant of the gold standard, not some kind of market failure. Governments controlled most of the gold and set its price.
On the fiftieth anniversary of Nixon's gold shock, The Fiat Standard is an amazing explication of how the West fell to its current state. You don't want to miss this show, especially Saifedean's epic takedown of fiat academia at the end!
Bob concludes his series on areas where he’s changed his mind. This episode covers the economics of climate change, fractional reserve banking, the US gold standard, and more.
That gold was used as money in the past is merely a historical fact. But the fact that gold was a form of private money, and thus not easily manipulated for government schemes, made it a target of countless intellectual and governmental assaults.
That gold was used as money in the past is merely a historical fact. But the fact that gold was a form of private money, and thus not easily manipulated for government schemes, made it a target of countless intellectual and governmental assaults.
The gold standard disappeared because governments destroyed it. Here's how it happened. Private-sector money is always an enemy of the state.
Monetary reform leading to a gold standard, which would solve numerous problems resulting from the present fiat money order, needs to become a populist issue to enjoy success.
Could new gold discoveries cause a (small) boom-bust cycle if the gold hit the loan market before other sectors? Bill Barnett and Walter Block join Bob Murphy to discuss.
That Bretton Woods was called a gold standard was an exercise in obfuscation. It happened for the same reason that NAFTA was called free trade. The state has long used the language of the market economy as a plow to push through its opposite.