Banking 17: What happened to the gold?
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The spain example why the gold standard did not work is a horrible example. 1. Spain at that time was a monarchy. People did not have freedom and more gold (plundered from the americas) actually made Spain poorer not wealthy. It like when a poor person wins the lottery. most of the time those people go back being poor bc they did not know how to manage their own personal finances correctly. Same goes with Spain.
MrIKnowNADA 4 days ago
@AdversusHaereses It was to print endless fiat currency so as to continue funding the Vietnam War.
TheHiddenMatrix 2 weeks ago in playlist More videos from khanacademy
He said it! metals never lie, steal, cheat etc. + people DO want to return to markets based on metals, commodities + barter. Quick History lesson:
South american gold + silver didn't enrich spain because
a. more than half went on venture capital repayments to banks of london + amsterdam.
b. spanish aristocracy's cowardly system of favours meant that the remainder wasn't properly accounted for + was squandered.
c. london is STILL the bankster capital of europe. metals ARE the standard.
rothkoaintdead 2 weeks ago
You made me think of 'Money is not Wealth' again. I like the example you used in this video.
In the past,I thought money is important (actually,it is), but now I know that the wealth is more important.
We all chase for money, but sometimes we can only see the money but ignore something that deep inside.
What is money for? It is for our real life, not just the number in our deposit accounts.
And I think inflation made us know that money is not that important, because the wealth is shrinking...
dadac123 3 weeks ago
I love Khan Academy, but the comparison used in this video, of a pile of gold next to real wealth, is incongruous. Gold can be, and has been used as a means of "real wealth" transfer just as fiat dollars have. A better comparison would be between gold and fiat paper, perhaps with trust in the government and the ability of said government to tax thrown in on the fiat side.
FeelingBlueTubes 1 month ago
@IvanAndreevich
1.Can you please tell me where you got this 5%+ number and what metric was used to calculate it?
2. The economy is not shrinking in real terms because there is RGDP growth.
3. 10% inflation rates would hurt the hoarders and the creditors more than the savers.
lugankid 2 months ago
@IvanAndreevich ...cont. The US dollar can be purely paper and backed by the US government if the people had the right to own it. Unfortunately that is not the case today due to the fractional reserve system which is the machinery of inflation and not the fact that the dollar itself is paper. The Spanish Empire had a major crisis in the new world when they discovered gold because its intrinsic value slumped. So the price of gold will always be based mostly on global uncertainties.
AdversusHaereses 2 months ago
@IvanAndreevich The reason that Nixon took the US off the gold standard was that one British Ambassador appeared in the US treasury with the amount of money to purchase a third of the physical gold held. If the 1929 depression was caused by the contraction of only 3% of gold in the money supply, imagine what removing 33% would cause. The gold standard does lead to growth or else it would never be used. But the question is whether it is worth it when the currency is so volatile. cont...
AdversusHaereses 2 months ago
@AdversusHaereses Are you saying there was no economic growth before fractional reserve banking was invented? LOL.
Nonetheless, even with your flawed understanding you just admitted that inflation is not necessary for economic growth.
IvanAndreevich 2 months ago
@lugankid Out of nowhere? Google "real inflation rate". The CPI is a fucking scam of an index twisted to lie.
Now with the real inflation rate of over 5%, the economy is shrinking in real terms. Look around, people are worse off than they used to be in real terms.
Yeah, sure it can. It can give you a 10% inflation rate which will wipe out the savings of everyone and rape the elderly and the poor who are on fixed incomes.
IvanAndreevich 2 months ago