The Gold Standard 

Honest money is disliked by dishonest men.

Thank you for posting. Very informative.

My view: Gold and silver in the money supply is gold and silver in your Hand, your Control. Real Wealth belonging to you.

Great info on the fact that a gold standard monetary system serves the people. Peace

Second historian guy gave impressive speech. Words of wisdom.

Buy the debt --> encourage more behavior that led to the debt to begin with... including making laws that legalize extortion...

The U.S. Constitution specifies the country's monetary system will be based on gold and silver.

Our Govt. depends on devaluing the dollar ... this is the way they hope to pay for the debt our Govt. is racking up ... If you borrow $100 and then decrease the value of the dollar by 10% ... you owe $90 ...(called inflation ...the Govt. wants at least 2% inflation every year)

The only difference between gold and copper is it's abundance.

The rate of crises and panics during the free banking era before the Civil War and the gold standard following it has been greater than during the Fiat era. Indeed regular consumer price inflation occurred throughout the 19th C in the US. There is little empirical validation to back up the claims that real prosperity is aided by the Gold Standard. That said, there is likely higher average general inflation under our current fiat systems than in the 19th C. Then again, so many other dynamics of the contemporary economy versus that time are at play that empirically isolating the monetary system as the root cause of good or bad developments is difficult.

Haha, the last panel comment.

Someone educate me on this please. On any past gold standard we had, banks could create money by issuing credit. Whether it was free banking or after the government got involved , the money supply was not fixed. So really even though you could cash your paper in for gold, there really wasn’t enough gold available if everyone cashed in and dropped the paper dollars. So other than the government creating more money (even though they issued bonds) what makes the gold standard superior?

21:42 Sweden did have a central bank. As a matter of fact, it is the oldest central bank in the world, founded in 1668.

When describing the period of prosperity during the Brenton-Woods era, there’s no mention that we exported our deficits to Europe to fund the prosperity. We were forced out of the BW agreement by those European countries because the deficits became unsustainable.

I'm still rooting for an algorithmically run Bancor as an international currency, one in which a complex but member-certified AI system would both monitor and calculate various lead indicators on exports, imports, and a range of assets, liabilities and circulation factors within participating nations and dynamically determine the national currency composition of Bancor as a result. While the general outline of an AI-driven international common currency might be better overall than the current system, its design would invariably reflect the same tyrannical preponderance of one geopolitical power over another, one trade interest over another, one class over another. We'll never solve the chief problem that an idealized currency, trade, and logistical regime seeks to - to make goods and services of an equal type and quality cost the same thing everywhere simultaneously. That said, we could certainly improve upon the current disequilibria, with the goal of improving both the fairness and social equity of the global system broadly - not saying I know how to do that!

The first speaker claims there's no problem with deflation under the Gold Standard and then completely ignores employment: the way the vast majority survive. He makes an oblique reference to the wage price spiral as a counter argument, but ignores the fact that real median income and HDI stats were better under the worst phases of the wage price spiral periods that in the periods were there was minimal intervention. At least he is mature enough to realize that isolating majoritarian prosperity as the result of this or that monetary regime is a specious endeavor, pardon the pun.

Must peg the dollar amount of gold to whatever the average cost to produce an ounce of gold is or the miners go out of business. Peace.

After WWII there was no trade deficit and exchange rates were stable and great wealth was created. This was attributed to high US productivity but then unions drove productivity down at the same time foreign productivity increased this created trade account deficits that caused US gold reserves to dwindle until there was not enough to support the dollar. The US had no choice but to come off the gold standard and float the dollar. It was low US productivity due to unions that ultimately created poverty and the destruction of wealth.

And of course you've heard about he inflation in Japan.... oh wait..

Money in French is " argent " , silver in French is " argent " Say no more

What metal is used is not all that important. Doesn't need to be metal at all so long as the system is "Sound." Paper is fine so long as the system it represents has integrity and the money is based on reality - not fiat fractional reserve currency - which is legalized fraud. The reason the gold standard was ditched - the real reason - was to make room for the welfare state and debt based economics; namely Keynsianism. There cannot be a vast government expansionary state on a sound money system - it cannot be afforded. Fiat currency is perfect for the welfare state. Doesn't matter how big the state gets - just print the money.

All the money in the world is borrowed Money. Population growth should not increase a countries wealth. People should be paid the amount they would have borrowed if they had children. The money that is paid to them is money that has never been borrowed. Only borrowed money in the economic system is stupid because core inflation can decrease, the worlds people can’t create or improve product or business because a large percentage of all the borrowed money was paid back to the bank. Only borrowed money in the economic system is stupid. I like the words Core Inflation.

The key word is not Gold (or Silver- or Copper- or Titanium- or Uranium)... the key word is STANDARD. Just try to build a house- or anything at all- without a standard of weights and measures. Imagine using a tape measure made of bubblegum or a graduated cylinder made of molasses... that's the same as trying to build an economy using fiat currency (paraphrasing Jim Tamny and Henry Hazlitt). Viva Austrian and Chicago Schools!

The gold standard what they don't tell you. The total gold known to exist is less than 175000 tonnes. Acording to the U.S. treasury (if you believe them) there is a total of 261,498,926 ounces held by the United States Treasury. www.fms.treas.gov/gold/current.html The U.S. population is 317,000,000. Do the math. That is .8 ounces per person. These numbers are even worse globally. So according to the official numbers that is about $1000.00 per person at present prices of gold. Under the gold standard even if that money was equally distributed, which it is not, and you did not have millionairs and billionairs, the buisness sector would need much more then that just to do buisness. So we can see with simple math that the Gold standard is impossible either in the United States or the world, unless we rob the rich, and killed off 95% of the population. The answer lies with Bill Still's solutions.

So gold got smaller, no money lost its value, a pork chop is not going to become 4 pork, an hours work takes the government 1mill sec to do. I rember when an oz of gold weighed 1gram except in india. Found a load in my grandads cupboard but wasn't worth anything in todays value except its scrap value plus costs and he had to sell it he offered me 1gm for my 3gm he went to 2gm cos he liked me bonus

i don't think it would work because America consumes to much imports compared to what they export. if America went back to a gold standard your standard of living would decrease alot. America has a big debt your best to inflate it away. you could not inflate it away on a gold standard.

There is no Austrian dynamic model of money and credit. There are no equations to check. Anything this guy says could be true or false - there is no way to tell.

Pretty outdated would love to see a new version of this with data from Trump and Biden administration

Smart people who know nothing common sense is better lol crazy so confusing

Gold is the only thing that truly holds it’s value over time. Its price remains stable throughout time. So that’s why we need to equally distribute wealth across all nations and people.

if we human need go back to use "metal standard"，gold and silver is not good enough. I think "Titanium (Ti) standard " is the best way . [1] Titanium is much more than gold and silver in the earth . [2]Titanium is stable , no toxicity ，easy to store . [3] Titanium is useful in military Industry and living sector.

The second speaker in particular struck me as an unnuanced ideologue incapable of deferring either to data that actually measures the average person's well being - HDI measures (including REAL median income) - or to the obvious notion of economy as a complex dynamic system where the mere monetary regime is but one prong in a multiprong interaction. The entire 70s crisis is dealt with in isolation of the Oil Crisis, giant counterproductive war expenditures, trade and energy exacerbations resulting from no one taking Nixon's engagement and detente ideals seriously, etc. The so-called golden window of growth from the late 1980s (he is dead wrong about 1980-7), through 2007 completely overlooks the dramatically falling labor's share of income, and - for a 40 year change - stagnating real median income during all that growth for the rich but not the rest. Reagan vastly balooned our debt with imperialist war budgets bent on seizing the developing world for US domination and to battle Soviet-allied efforts in a similar direction (the only president in the last 50 years who hasn't done so is Clinton). During the so-called golden years of growth from Reagan to Bush2, union density decline, vast deindustrialization via NAFTA, China's admission to the WTO, and CAFTA, unchecked inflation due to federal inaction on joining the developed world by passing universal health and higher education programs (despite the emergence of a knowledge and services economy due to aforementioned deindustrialization), and the Neoliberal policies that led to the evisceration of pensions across the private sector, and the reduction of social welfare and transitional assitance all contributed to the declining real wealth of the majority of Americans during this period, at least by many standard measures, in particular when seen as a proportion of productivity gains.

It is a scam. The solution is currency match by the economic activity with the currency produce the government. The Gold standard would put a stiff jacket on the economic.