Love the bit when Nixon said it was being suspended "temporary". Like Reagan would later famously say “Nothing lasts longer than a temporary government program.”
ENOUGH OF THIS... Ben stop avoiding the stolen election with all this distraction about trans people and making fun a Bidens age. YOU ARE A TRAITOR OF THE RIGHT. You don't support trump and you should be speaking more about the lies of the Jan 6th commission. Or stop claiming to be on the right!
Best example: in 1920's NYC, you could buy a mens "fine" tailored suit for $20. You could pay with a $20 bill, or $20 gold piece. Today, the $20 gold piece (worth almost $2,000) can still buy a "fine" tailored suit in NYC, but the $20 bill won't even pay for the alterations!
Yes I use the same analogy for silver. In 1991, 70 ounces of silver would pay the rent for a two bedroom house in our area. Now, 70 ounces of silver will still pay for the same rental, but the rent for that house has gone from 325 dollars a month in 1991, to about 1600 today.
@@johnnygoodman2003 Not "whining about the old days". Just explaining the benefits of the gold standard. Maybe when you leave middle school and get a job, you'll understand what I'm saying.
Yes, the actual puchasing power of gold has been about the same since Roman times. That's something we should think about as we contemplate going on the gold standard, full-reserve, of course.
When Nixon took us off the gold standard, my dad said we would be floating on a sea of debt with a total collapse in our future. Looks like he was right.
In all honesty we were already off of it. Just just thought it was dumb to pretend we were still on it. Good one him people the fact checkers would be saying we were still on it.
Yes because the previous admins had been printing money and lying about still holding the gold standard. We just happened to be called out during NIxon. If I had to put money on who, probably started with Hoover.
@Mememaster369 GG than I don't know your history, it was Nixon who delivered Israel, the Russians had backed the Arabs to destroy Israel and they were winning, when Nixon stepped in against the deep state and sent them help in form of weapons about the deep state in there constantly causing wars trying to destroy this nation with socialism so they can take over and rule I would say that that is why Nixon all of a sudden had watergate and they got rid of him.
History of finance professor here. Some notes: 1834 we were on bimetallism. We had silver allowed too. 1930's Germany was required to pay back the debts from WW1 and definitely couldn't afford it. the 1960s inflation and 1971 ending of BW was glossed over a lot. Vietnam war costs were a big part of that. Plus international trade manipulation. the rest of this was great though. I teach a class that covers all of this in more detail, but this is a great primer. I might show my students this next semester. (But I worry some of them will report me for showing them the "evil neo-fascist" Ben Shapiro.)
I also study Int.Trade and finance. This is a classic. I love economics and history. Also we should not forget the oil shock in early and late 70s, that one is a big one too. Show them and tell them that always listen to both sides and then make your own case of judgment. Although this was not political... We definitely need more diversity of thoughts.
I agree, I like Ben's teaching style, but there is also PragerU. I think there is a place for Ben to do this too. Too often he wants to talk deeply on topics when what people need is a review like this first.
Our government does not have the fiscal discipline to go to the gold standard. You can't deficit spend on the gold standard, or you actually go bankrupt.
Thank you, Ben. The pass the federal reserve is given among the masses is incredibly disheartening. Ron Paul and others opened my eyes, and it’s great to know others have not forgotten our fiscal history.
If most Americans actually understood what the Federal Reserve does and how it has devalued the dollar over 97% since its creation, no passes would be given. They'd be clamoring for the gold standard by tomorrow.
Unlike some other libertarians like Milton Friedman, Ron Paul is a staunch opponent of gold standard and even of the existence of a central bank. But its a logical slippery slope. If you oppose fiat money and advocate for gold standard, then why don't you just skip the intermediary of money and start using gold and silver instead of it? And then why even any precious metal like gold or silver, why not just one thing for another thing?
@@realSirDextrose Money is simply a medium of exchange, if backed by something people will convert their money to say gold for example when bad times come which can be bad. Meanwhile with fiat debt can grow unchecked which is also bad. Trade however is eternal and Jobs is what drives the economy.
Problem is that the only reason gold standard sort of worked was because the supply of gold happened to correspond really closely with just natural GDP growth. You know how central banks are supposed to print roughly as much money as GDP grows? Same thing, gold just happened to grow at roughly the right rate. This is also why most of crypto is by definition a bubble since there's a limited supply of it and once all of it is mined, its price can only rise since the supply is depleted. This means no one is willing to spend it because they assume it will be worth even more in the future, but this is of course a bubble and a recipe for a disaster.
There hasn't been an audit of US gold reserves since the 50s. Does the US have any gold to back a gold standard today? I truly doubt it does. China, Russia and India have 80K tons.
@@bighands69 kinda crazy considering most of the plat and gold mines are owned by Canadians and most of the gold mines exist in Africa. Weird huh? There is a big push by the Chinese to change investment legislation here. I expect the ccp will do to our mines what they did to the Mongolian owned mines. Must just be another coincidence that our leaders have joined BRICS without a referendum. Democracy in action! 🙃
I like how Richard Nixon says "I have directed the secretary of the treasury to take the action necessary to defend the dollar against the speculators..." as if it the speculators are to blame for instability instead of irresponsible government policy of making more money than can be reasonably redeemed for gold.
I remember my 5th grade teacher telling me that money was backed up by "the full faith & credit of the United States". I had no idea what that meant but it didn't sound reassuring.
He didn't want to tell you the brutal truth. The government wants a percentage of the money you have in the form of taxes. And there is going to be severe consequences if you don't come up with it. So you didn't actually expect your 5th grade teacher to tell you the truth did you? That the value of money is backed by the violence of the state.
@@gabrielpaul4347 exactly! Ben covering history in an honest and political/practical way would be SO appreciated (even if it was an ambush Ben would handle it perfectly)
Gotta say, the music does make it a little difficult for people who have hearing issues to clearly hear what Ben is saying. Just reducing it in the mix slightly would be helpful. I feel so old saying that
@@C.Fecteau-AU-MJ13 but the music was soft and in the background If you couldn’t understand what he was saying through that music then age isn’t your only hearing problem mate 😬
Love the content from DW. I’ve been along for the ride since around 2015 when the podcast launched. DW has been killing it the whole time. It’s been really cool to watch them grow. Keep up the great work!!
Yet....he was of the WW2 generation. How did the government do in the defeat of Germany and Japan in WW2. The government built a device that could wipe an entire city off the face of the Earth in 3 years.
I'm sorry to say you didn't. If you're interested in this, check out Richard Werner (the guy who finally proved that money comes from commercial banks and not governments). Or tune in to Emil Kalinowsky/Jeff Snider and the EuroDollar University.
Love the video! You should’ve included in the timeline the creation of the Fed, how much debt each war generates, and also how much total debt accumulated overtime till present day 💡
With how reliant our government is on printing more bills, there's going to be very little difference between USA in 2022 and Germany a hundred years prior.
Don't forget 1911 and the creation of the FED and Fiat Currency; when that happened, the Fed could create credit expansions (The Roaring Twenties, for example), leading to crashes, read Rothbard, America's Great Depression. The Fed (and, hence, fiat currency) has been responsible for every boom-bust cycle (all depressions, euphemistically called recessions) in recent history.
1. There is no "overheated" economy. There is only monetary inflation causing economic bubbles. The "business cycle" is actually due to an increase in the money supply. 2. Governments never "need" to take out debt. They choose to. A government can never fix a recession (depression, panic, whatever) except by undoing the bad things they have been doing. 3. The reason why the rest of the world accepted the end of the gold standard was because the US made deals in the Middle East to ensure that all oil would have to be traded in US dollars (the "petro dollar"). This ensures that all countries have to hold at least some US dollars to trade oil, and then the rest of the world eats some of the (monetary) inflation that the US government engages in. This is also why there have been lots of wars in the ME involving the US since then. -An Austrian Economist
Wonderful explanation on the gold standard. Ben, if you ever give up broadcasting, you'd make a fantastic professor. I just hope you wouldn't interrupt class to try to sell your students VPN service. 😉
Too many people think the gold standard is bad, it wasn't the gold standard, it was people over borrowing and "cooking the books" that caused the issues with the gold standard.
Very good explanation of the timeline…. It would be good to add the dollar relationship with the petrodollars system and how it is degrading as we ponder full faith and credit.
This is great fiction. If you really want to know about the dollar, and gold, and money in general, look no further than 1913 and the final iteration of the Federal Reserve Bank. Just 3.5 years after it's "founding" our government was bullied into the Federal Income Tax, in order to guarantee collateral for the privately held bank, and a world war broke out, forcing all countries to borrow from them. Also not mentioned, in 1933 the Fed also made it ILLEGAL for the average person to hold gold and the HAD to sell it to the Fed. The biggest lies, and manipulations perpetrated against mankind has been Central Banks, and the Federal Reserve Bank. This cabal of incestuous oligarchs now has control of every single financial institute on the planet, and they control the fiat ponzi-scheme to all of our detriment. This is the reason for the fear mongering against Decentralized Crypto-currencies.
It takes away power from the monetarists (Feds) which means they’ll no longer be able to control “inflation and unemployment “. The dollar is just confidence people believe in. It could be gone the next day but gold will always be valuable as a real currency.
United States Mint coins were primarily based on Bimetallism in which high value coins were made of 90% gold, intermediate value coins were made of 90% silver, and minor value coins made of copper. Later cheap metals such as nickel, steel and zinc were also included in minor value coins. During the Long Depression from 1873 until 1896, the Free Silver Movement sought to get the nation out of the economic slump by having the United States Treasury increase the money supply by adding massive amounts of silver coins to supplement the supply of gold coins. When President Franklin Delano Roosevelt ordered the confiscation of gold coins on April 5, 1933, he allowed silver coins to continue to circulate as precious metal coins. However, in 1965, 90% silver coins for circulation were discontinued by the United States Mint, because their bullion values were exceeding their face values. Inevitably because of Gresham's Law, silver coins were hoarded and thus disappeared from circulation. After World War 2, the United States had accumulated the world's largest gold reserves of 24,500 tonnes during 1950. On August 15, 1971, President Nixon stopped the depletion of the United States Gold Reserves by foreigners who were exchanging their dollars for gold. Nowadays the United States Gold Reserves are 8,133.5 tonnes. The price of gold rose to its record highest of $2,078 per troy ounce on August 6, 2020. Ironically the Federal Reserve still uses its archaic official price of gold valued at only $42.22 per troy ounce established since February 25, 1976.
There were plenty of bank runs and depressions under the gold standard. However it was not till we went off the gold standard that things got really hairy. (there was a time when it was illegal to own gold)
The gold standard will never come again. We do not have anywhere near enough gold to cover all the money in the US much less the world. World economic collapse is happening in front of our faces. Interesting times we are a living in.
Wrong! The strength of the dollar goes back the the price of Gold, so Gold is money they keep fiat alive by keeping the price of gold at a certain level. There's no other way our fiat would have lasted this long with inflation every year just do the math bud, Gold is supposed to match the DOW 1:1 owning Gold is the best thing anyone can do because when a collapse comes the only thing that can save chaos is Gold once again, mark my words, it all goes back to Gold because Gold is money 100%! And assets so we did gain a LOT of assets with the way we made all the debt. The criminals powers that be want to go to a digital corrupt money system to just type up an unlimited money and power and control everyone but not going down like that! Gold will be $17,000 an oz here very soon!!!
@@miketyson8933 244000 metric tons of gold in the world. That's about 10 trillion dollars. We have 30 trillion in debt alone. I would say your math doesn't work but you obviously weren't using math 🙄
@@arthurkineard7356 You really don't understand how much money the criminals have been stashing away since 1910 three years before the Federal Reserve, the 14th Amendment Section 4 states from our old farmers that if the Federal Reserve breaks the law then ALL debt is NULL & VOID. Go look up the Pandora Papers and the Vanguard Papers that debt is NOTHING! The stock market alone is insured up to $70 trillion, they have the money and its been stolen and kept in off shore accounts to pay for their New World Order. Ya got lots to learn, plus they have more Gold then that and when you look at the US debt clock and look at the price of gold to debt then Gold can easily wipe the debt. There's several ways and it will be done
Everybody should do the calculation of the TOTAL amount of Gold EVER MINED (244,000 metric tons) or about 8,000,000,000 Troy ounces times the rough current price of Gold, say $1,800 per ounce or about 14 Trillion Dollars. US Money velocity for MV2 is about 1.4 on average, so at current prices, if we were on the Gold Standard with complete convertibility AND World Governments held all of the Gold ever mined, the total World Money supply would be about $20 Trillion. The World GDP in 2021 was about $100 Trillion, or 5 times the current value of Gold ever mined. This means going to a Gold Standard means that either prices of everything must be reduced by 80% or Gold needs to be priced at $9,000 plus an ounce. The next problem is that the World’s Governments only have 32,000 metric tons of Gold or only 13% of all the Gold ever mined. This means that the World Money supply in a Gold convertible world is only $2.6 Trillion Dollars - Gold would have to be priced at $45,000 an ounce or prices would need to drop by 96%. And THEN, the Money Supply could only increase IF more Gold was mined and not used in production of goods. The US faced this same issue in 1896. McKinley promised to keep on the Gold Standard, despite the Farmers of the time demanding silver coinage as well. The Money Supply could not keep up with increased year over year production increases in the United States. Silver coinage was begun within a few years. NO AMOUNT of Gold or Silver mining can keep with the need to provide an additional $4 Trillion of new money needed each year in order to keep prices from declining, 4% World GDP growth happening. Deflation is a VERY bad thing as people will put off buying things til later because their money will buy more. No buying, no production, no jobs, Socialist/Marxist revolution. VERY bad thing.
Everyone should listen to Putin's speech yesterday at the SPIEF 2022, they are talking about creating monetary systems that are tied to tangible things! Reigning in the ability to create money out of thin air!
Th problem isn't a lack of gold standard, it's the manipulation of interest rates, M2 money supply and fiscal policy but the government. You can always be on the gold standard by keeping gold and silver in you own portfolio.
The strength of the dollar goes back the the price of Gold, so Gold is money they keep fiat alive by keeping the price of gold at a certain level. There's no other way our fiat would have lasted this long with inflation every year just do the math bud, Gold is supposed to match the DOW 1:1 owning Gold is the best thing anyone can do because when a collapse comes the only thing that can save chaos is Gold once again, mark my words, it all goes back to Gold because Gold is money 100%! And assets so we did gain a LOT of assets with the way we made all the debt. The criminals powers that be want to go to a digital corrupt money system to just type up an unlimited money and power and control everyone but not going down like that! Gold will be $17,000 an oz here very soon!!!
I am so happy that someone with political influence will actually address issues like this. Pretty much no one talks about how monetary issues affect the economy and that is pretty much the main thing that holds the economy together, and unfortunately it is a government monopoly.
@@JoeBlow-tx9lm the fed is a government monopoly. The fed board is indicated by the president and it ultimately creates the monetary. Which is enforced by 13 “private” fed banks.
I'm afraid you didn't. This is largely noise. Money isn't created by governments. It's created by commercial banks. Read Richard Werner, Lacy Hunt, EuroDollar University etc. etc. etc. This was bad.
When Nixon said he was suspending the convertibility of dollars into gold to defend the dollar against the speculators, what he really should have said is I have directed the Secretary of the Treasury to suspend the convertibility of the dollar into gold because the USA is hereby defaulting on our monetary commitments so we can recklessly spend money we don't have on grandiose social welfare programs and unnecessary foreign wars.
Good video Ben, but wish you could have talked in detail about how the Federal Reserve stepped in under Woodrow Wilson and changed the dynamics of American currency. This is why over decades the American dollar has weakened, due to the dollar not being backed by anything except good faith as you mentioned. We need to dump the Federal Reserve and go back to some form of Gold Standard IMO so the American people have control of their own money, controlling our own debt and wealth rather than private bankers who continue to destroy this country through their greed.
I'm certainly no fan of Woodrow Wilson, but financial panics were rife during the heyday of the Gold Standard and prior to the creation of the Federal Reserve. To act like it was all sunshine and rainbows is absurd. If you think bankers are powerful now, you can't imagine how powerful they were back then. Hell, J.P. Morgan singlehandedly bailed out the U.S. government, and if for some reason he decided he didn't feel like it everyone would have been screwed. I'm a big fan of being responsible and I don't think bad behavior should be rewarded by any means, but I just think that all of this jacking off over the Gold Standard and ending the Fed are more about the ego boost that comes with one's own beliefs being validated as opposed to what is actually good for the country. All roads lead to narcissism in our social media-driven society, and for that reason any of today's most passionately held beliefs should be viewed through that lens.
Buying politicians off with jewish banker money and deveating from our constitution and watch what happens. The wisdom of the founders still amazes me.
Awesome Ben, however you left out the loose peg to oil that was done by the Saudis agreeing to price their oil exclusively in dollars in exchange for military support, which is now no longer the case. It meant that while the gold standard was over there was still a demand for dollars globally.
1D, 2D and 3D are spatial. 4D, 5D and 6D are temporal. 1D: line/length (spatial) 4D: one-way flow of time (temporal) 2D: L + Width (spatial) A group of Line. It consists of all the possible states of a Line. 5D: space-time (temporal) In short, space-time would contain the entire history of reality, with each past, present or future event occupying a clearly determined place in it, from the very beginning and for ever. The past would therefore still exist, just as the future already exists, but somewhere other than where we are now present. 3D: L/W + Depth (spatial) A set of all possible Planes in any form, state, area, etc; snapshot of "now". 6D: Atemporal (temporal)
There are 2 issues that need to be fixed to save this country. 1. Is term limits for all political offices. 2. Is a forced balanced budget at all levels of government.
You do make a good point in all of these. That's why I've been buying gold and silver here and there. Though I preferred when our currency actually held value in itself (like the gold standard or coins made out of gold and silver), I definitely see the down side. Though I couldn't say whether I would want us to actually go back to the gold standard or not, I know for certain you should always have your money it multiple types of investments, just incase one of them fail.
The strength of the dollar goes back the the price of Gold, so Gold is money they keep fiat alive by keeping the price of gold at a certain level. There's no other way our fiat would have lasted this long with inflation every year just do the math bud, Gold is supposed to match the DOW 1:1 owning Gold is the best thing anyone can do because when a collapse comes the only thing that can save chaos is Gold once again, mark my words, it all goes back to Gold because Gold is money 100%! And assets so we did gain a LOT of assets with the way we made all the debt. The criminals powers that be want to go to a digital corrupt money system to just type up an unlimited money and power and control everyone but not going down like that! Gold will be $17,000 an oz here very soon!!!
Everyone should have 10 to 20% of their liquid assets in gold and silver. When the dollar collapses you can still use gold and silver to buy goods. Also get lots of barter goods to trade. (Beans, Bullets and Band-aids)
0:54 "You Can Convert Your Paper CURRENCY into Gold MONEY." They Called it Specie vs Currency in the 19th Century. Gold is the Money That is Backing the Paper Currency. I Wish Shapiro Would Get these Terms Correct
Congratulations. Edit: you just lost the privilege because you just had to insert that cringe “let’s go”. I hope you’ll think about that next time you think about saying something like that. Hope you have a nice day.
South Park and Kyles bag of "Jew Gold" comes to mind. But, theres no one else Id really believe than a Jew about gold so its funny for sure, but accurate? IDK
So my questions are: 1. Is it possible that our economy become so big that the entire earth's gold can no longer handle it? 2. If a war breaks out right now, and assume we're on gold standard, what would happen to the economy?
I would say other limited resources like silver or housing could possibly make that difference. and if we goto war it's a guranteed short term loss on gold standard or not, immediate power would be persued regardless and would probably make any country worse at war, Hence why they didnt respect the standard during.
1. It was always too big for gold alone to handle because gold is too scarce to distributed to everyone and golds total value is far less value than all the products produced yearly, US savings in financial institutions, asset evaluations, etc. US savings(note: not stored in assets, that is far higher) are at roughly 9 trillion dollars. The world market cap for gold is 11 trillion dollars. If everyone in the US pulled just their savings and liquidated no assets to convert to gold, the world's gold would barely cover that by a 2 trillion dollar margin at current prices. With no standardized price the price of gold in us dollar amounts would increase from demand. At this point though, you're looking at a near total collapse of the dollar. The point of the standard isnt too cover for a total collapse of trust in the currency. It's to provide stability ad very quick recovery in case of a partial collapse. However, realizing this, you also have other standards like silver to fall back on. To exhaust US gold alone with the standard, you wouldn't have to be in Great Depression like event. People have far more wealth in assets now so it would simply take people demanding to be paid in gold for large asset sales to do it. Blackrock could pull that off by themselves. However, why would they? There are other assets that are better investments that can be more easily assessed with the currency. 2. It would take a hit no matter what standard you're on. TLDR; Not much difference economically. The economy would react the same but the mechanism is different. See any war during the gold standard. For specifics on gold: In moderately expensive wars, you might be demanded to pay debt in gold. You'd accrue debt during the war and be able to pay it off with gold or silver over time. Some of the gold you pay in debt would be exchanged back for liquidated assets like land/real estate to keep up with the payments, preferably without depleting the reserves too much. Some countries would allow gold to be bought from their reserves at a premium in your currency, debt in other assets, etc. Over time, the value of your country's labor and its assets would accrue the wealth in gold you need to establish trust in your currency and to pay your debts. War bonds would also likely issued as one measure to help the government buy the gold. This movement of your currency into gold which leaves your country would cause inflation as assets become more valued than holding the currency. Supply of currency is both increasing and decreasing in this step through various mechanisms, but demand is dropping as demand increases for assets. Same supply less demand means less value. In short, a moderate war would result with moderate inflation much like it does now. There is just some extra steps you would need to be able to pay in gold but you'd have the value in other assets to exchange and could get the capital to do so in a variety of ways including taxes and bonds. It's important to note, in a lesser war, you'd likely pay a small amount of gold or just in the trusted gold back currency, and and in a severe war, you'd just be screwed with or without the standard. As a general answer, war is always bad for the economy no matter your standard. Infrastructure is destroyed and infrastructure is generational wealth. In order to reproduce that infrastructure from scratch you need to put far more labor resources in that direction than simply maintaining infrastructure. This limits your wealth producing opportunities just to get back a previous wealth status. Wealth is spent on tools of war which have too few ties to greater industrial market place. Bullets have to have mining infrastructure for raw materials and tools to craft them but there is a limit to how much wealth that can produce. Economies benefit from diversity of labor opportunities which spawn into vast webs of trade and wealth generation. War truncates this process by focusing too much labor in one area, which devalues the labor. The countries' human capital, their labor, is also killing each other making recovery harder and slower. If some of that labor would have been mining gold or gold is used on tools of war, this is an added detriment to the gold standard, but not one that is remotely on a scale that matters.
@@wolokowoh0 so in the end our dollar is based on our ability to work and produce......slavery the long way around the mulberry bush. our government can borrow and tax more because of how hard we work
@@kazzTrismus Pretty much. Wealth is created solely by labor, stolen by the government and other con men, and erased by entropy and disaster, both natural and man made. The dollar is only a commodity we use as a convenient store of value of our labor for the purposes of bartering that was created by the government to steal that value in every way they can like the parasites they are.
Answer to your questions: 1- There is more than enough gold to supply the entire U.S. economy of a full-reserve gold standard, especially given how devalued the dollar is with respect to gold. Can the economy get too big for gold? No. Even if the dollar were to recuperate the value it had when the Federal Reserve began in 1913 ($20.67 per ounce), there would be a commensurate reduction of prices, which would vitiate the need for more physical gold to support that revaluation of the dollar.The same would go for all other countries on the gold standard. 2) If the world were on a full-reserve gold standard, the financing of a huge world war would be virtually Impossible to finance. It is the artificial expansion of the money supply by central banks though fiat currencies that make it so easy to finance huge wars. On a full-reserve gold standard, such wars could only be financed through massive tax hikes on the citizenry or borrowing it from private lenders. And then you'd have the inevitable interruptions in settling gold accounts between nations, which would also be a challenge to financing large-scale war over long periods of time. So, under a full-reserve gold standard, wars would be much less common.
I've always enjoyed your videos, clips, articles, and books! Thank you! (Please ditch the background music, as it detracts from what you have to share / teach. Thanks!
How much do I trust the government? Well, I trust them completely and unconditionally. The government is always right, and no government in history has ever done anything bad. They should be in charge of all the kids, my diet, my healthcare, my genes, and everything else for that matter. 🥴
Whether or not returning to the gold standard is a good idea depends on what your aims are. If your goal is to ensure that malinvestment and irresponsible financial behavior will be severely punished, then yes, it’s a good idea. If your goal is increased price stability and the avoidance of recessions and depressions, then it’s a very bad idea. Price volatility and financial panics were rife in the days of the gold standard, and private individuals such as J.P. Morgan had to intervene to counter financial panics on multiple occasions. Yes, the gold standard will reward fiscal responsibility, but all those not responsible will be punished severely, which includes the vast majority of Americans. If you’re okay with that, then the gold standard might be for you. As someone who tries to be as financially responsible as possible I’m ambivalent about it. I don’t want to see vast numbers of people get crushed, but I’m also a believer in accountability, so I wouldn’t lose sleep over it either.
I would rather live in dangerous freedom than peaceful slavery myself so yeah, restore the gold standard. If some grasshoppers freeze to death, so be it. The ants shouldn't have to suffer along with them.
Please do more videos like this, regarding monetary history, especially that of the US. The public needs to know about why their dollars are increasingly worthless.
