The Gold Standard Explained in One Minute

Подписаться 197 тыс.

Просмотров 485 тыс.

50% 1

A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and why that happened. Through this video, I did just that.
Please like, comment and subscribe if you've enjoyed the video. And, of course, a share on Facebook and/or Twitter would be highly appreciated. This channel is still in its infancy, so every bit of help counts.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to oneminuteeconomics@gmail.com, any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
/ oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - www.amazon.com/Wealth-Managem...
Barnes & Noble - www.barnesandnoble.com/w/wealt...
iBooks (Apple) - itun.es/us/wYSveb.l
Kobo - store.kobobooks.com/en-us/ebo...
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - www.amazon.com/Age-Anomaly-Sp...
Barnes & Noble - www.barnesandnoble.com/w/the-...
iBooks (Apple) - itunes.apple.com/us/book/age-...
Kobo - www.kobo.com/ww/en/ebook/the-...
Last but not least, if you'd like to follow me on social media, use one of the links below:
/ oneminuteeconomics
/ andreipolgar
/ andrei-polgar-9a11a561

Опубликовано:

25 июл 2016

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 559

@OneMinuteEconomics 11 месяцев назад

GiganticWebsites.com is a project through which I make it possible for people to build truly gigantic websites (thousands of articles each!) at ridiculously low prices. If you have a great domain you want to turn into an amazing website or an existing site you'd like to upgrade/scale, visit our website or check out the One Minute Economics presentation video below: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gE8yEOQFMvo.html Please note that this comment is not an ad for a third-party service provider. GiganticWebsites.com is my baby 100% and I will personally be involved in each and every project so as to ensure the website turns out great :)

@MichaelMantion 11 месяцев назад

TY. I think people can clearly see how absurd the gold standard has been and why Fiat currency was the natural choice.

@stratcaptain66 Месяц назад

You can kiss all that “confidence” goodbye now. You will wake up in the near future as a techno-peasant peon. 🤦🏻‍♂️

@Hannahbenowitz 19 дней назад

I never viewed metals as an investment, but I always saw it as a great way to save your cash & retain the value from when you bought it. It’s not hard to turn it to liquid cash, and it beats letting inflation destroy your savings.

@JosephineKenney 19 дней назад

You are in for a nasty surprise, my friend. Gold is often hailed as a hedge against inflation-increasing in value as the purchasing power of the dollar declines. However, government bonds are more secure and have shown to pay higher rates when inflation rises, and Treasury TIPS provide built-in inflation protection.

@PennyBergeron-os4ch 19 дней назад

I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.

@HildaBennet 19 дней назад

Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.

@PennyBergeron-os4ch 19 дней назад

“Sharon Lee Peoples” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@HildaBennet 19 дней назад

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@pierlucaangrisano6510 3 месяца назад

This is what adin failed to realise is that even just mentioning these topics on stream has us on here researching these important topics. W top g

@OneMinuteEconomics 3 месяца назад

Noticed several comments about this, don't consume entertainment content personally and haven't seen the video/stream you are referring to but no matter how you got here, welcome to One Minute Economics!

@michelklaasen 3 месяца назад

@@OneMinuteEconomicsWell, Andrew had a call with Adin and berated him for being an idiot for not knowing anything about these things. While his methods may be questionable, the results are that a lot of people are now learning this :)

@InfusedTaste 3 месяца назад

Thanks andrew foe mentioning this!

@MSDGroup-ez6zk 3 месяца назад

People confidence? LOL, all the money in the world trades using banks with Swift codes like IP address and USA banks are the back bone of the systems like Internet with the uSA back bone. Hence the USA can see how much USD each country needs and what month a country needs dollars more than the other 11 months in a year.

@RexGamingDE 2 месяца назад

hahah same here xd

@willmickel71 3 года назад

In other words, today’s currency is based on feelings

@OneMinuteEconomics 3 года назад

... anything from feelings to armies :D

@humansolarian 2 года назад

love makes the world go hoola hoop

@underdogtv2855 2 года назад

@@OneMinuteEconomics Damn paper money backed by trusting a politician seeing how politicians always lie this just tells me how stupid people are.

@willmickel71 Год назад

@@jasonsoliva6678 That can said about almost any country

@boardingurban Год назад

Facts

@Velinto 3 месяца назад

Who’s here from Andrew Tate

@jz.6070 3 месяца назад

L Adin

@gunsmoke2175 3 месяца назад

Me 😂

@shivamgupta-yk1bg 3 месяца назад

L adin

@slaybackk39 3 месяца назад

I had some knowledge in this but came for more

@Thequiet_one 3 месяца назад

@ether8928 3 месяца назад

here from adin stream 😭😭

@manninigusi5296 4 года назад

I don’t want confidence, I WANT MY SHINY ROCK!!!

@OneMinuteEconomics 4 года назад

@dessmith1387 3 года назад

@@joedowning2428 the real pet rocks

@calebjaymes9710 3 года назад

Same

@underdogtv2855 2 года назад

Still better than paper backed by politicians emotions.

@mr.dakamd5444 Год назад

Rothchilds want the confidence

@derektorres1345 Год назад

Dude I really want you to know that this video is LIFE CHANGING, a 1 minute video made something that people take months or years to understand. Thank you so much dude god bless you bro

@OneMinuteEconomics Год назад

Thank YOU for making my day with your comment Derek! :)

@sneedler8661 9 месяцев назад

Ngl I remember when I was just getting into bullion purchasing and understanding how the treasury and fed reserve works, I spent fucking hours worth of researching just to make sense of parts of it, after finally understanding it all after like a year and a bit of delving into economics on and off I come across this one fucking video that is a basic summary of shit that I was spending forever trying to wrap my pea ass brain around lol

@0118uhauha Год назад

My father told me that France and Japan suspected that USA printed more dollars than they told foreign central banks and used this paper to do big shopping in Europe and Japan: Real estate , factories , ships . . . To call the bluff ( or fraud ) France and Japan started sending shiploads of dollars to USA and ask for gold instead. It worked. In 1971 Nixon abolished the gold standard in America temporarily ( see his sermon "Nixon Bretton Woods" , here on RU-vid ) but politicians worldwide never regained control over their paper-money , worst example is Zimbabwe Dollar. The only reason that today in 2023 , dollars and euro have almost same value is that EU- and US-politicians are the same type of irresponsible spendthrifts if not outright corrupt . . . In 2022 the Greek vice-president Eva Kaili of the EU-parliament was arrested by Belgian police with a suitcase full of money she couldn't explain. From 2007 to 2015 Danske Bank whitewashed a trillion kroner ( 166 billion US-dollar ) for Russian gangsters , none of the bosses in the Copenhagen bank went to prison in Denmark. Today gold is merely the bad conscience of politicians: Over the last 20 years the price of gold rose by 428 percent , the last 5 years 44 percent. Now politicians are messing up things again in Ukraine and gold is climbing towards 2-thousand dollar per ounce.

@OneMinuteEconomics Год назад

Would recommend checking out my Bretton Woods video when you get a chance to: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-RtFz9q26t5A.html

@Sebastianator01 6 месяцев назад

Someone predicted almost 20 years ago the price of gold would rise by 10x the price

@dontquestionmyvideos 3 месяца назад

Holy crap ,early people literally exchanged their gold for a paper that doesn't have value on the first place, then got convinced that the paper has the same value as a gold . And after the exchange it became valuable as a gold...

@OneMinuteEconomics 3 месяца назад

The system was not without benefits such as convenience-related ones. At the end of the day, it's hardly unlike humans to make compromises for the sake of convenience, heh

@peetgikeri5245 2 месяца назад

Yep

@KingKevin_Segura 3 месяца назад

Here from adin ross stream, and just learning these type of things is interesting

@TheIngPin 4 года назад

holy crap man this is a great one minute explainer video. i can understand this even quicker than it would take for me to read a 3 page wikipedia explanation

@OneMinuteEconomics 4 года назад

Really happy to hear that, thanks a LOT for the words of encouragement! :)

@loso9732 3 месяца назад

thanks adin

@SparklingWater445 3 месяца назад

Top G

@OneMinuteEconomics 3 месяца назад

Seems many people are watching this video as a result of the show in question, not sure about the details/context but hope you found the video useful!

@john-xv2rh 3 месяца назад

@@OneMinuteEconomics Adin Ross and Andrew Tate did a stream together and Tate told everybody to look up the gold standard and your vid is the first one to pop up. So congrats

@503redbull 3 месяца назад

Not Adin he didn't really care it was Andrew Tate

@avinashbhujan1376 7 лет назад

i don't have confidence in reptiles

@sareensidhu6807 4 года назад

what😂

@jirachi-wishmaker9242 Год назад

💯 Same lier who over spend in Vietnam war & other coups. France pulled Nixon's pant down.

@KrunkCobain 6 лет назад

The US dollar represents my confidence in the American government...I'm moving

@LiterallyGod 4 года назад

Krunk Cobain goodbye and good luck on your search for greener pastures

@sarahmangone7785 3 года назад

I agree with you. those little paper sheets that are backed by precious metals are worth the value. I actually lived in the time where the dollar was backed by Gold, not the shit we have today that is printed without consequences and we the people are taxed to death on the interest that it will bare on the people to repay. As I see it, with our over spending government the currency we have today will soon SOON be worthless. Hope everyone invested in Silver and Gold coins over the years.

@sten260 2 года назад

the point of gold is that you can't be scammed, but with fiat u can. lets say I work 8 hours a day for green pieces of paper and then for whatever reason they just print up 10 trillion dollars then I pretty much just wasted my time because I got something for all that work that has no (or less) value. Now imagine this happening between countries where one country sells real products to another country that just prints up all the money with 0 effort. Doesn't make sense to me

@chewygum1854 7 лет назад

0:39 Australia uses the euro obv

@OneMinuteEconomics 7 лет назад

:P Overlooked that, I usually double and triple-check what the designer does... oops :)

@brendanh8193 4 месяца назад

Has something changed in this video? I couldn't find any reference to euros (which didn't exist while the gold standard existed in the USA).

@irlserver42 6 лет назад

Great job explaining a very important topic!

@JJ-fb2lp 3 года назад

Best explanation ever. 1 minute well spent.

@OneMinuteEconomics 3 года назад

Few things make me happier than reading comments like yours, thank you so much!

@morgant.dulaman8733 Год назад

Narrator: "The value of the dollar is tied to people's confidence in it." Me: "Oh...Oh dear..."

@OneMinuteEconomics Год назад

@elizabethanne6648 7 лет назад

Thank you so much! This really makes it easy to understand! This has really helped me understand the economy.

@OneMinuteEconomics 7 лет назад

Really glad to hear that, thanks a lot for commenting :)

@dessmith1387 3 года назад

I'm all grown up now

@printingwithpeek4897 Год назад

This is complete and utter bullshit. Fiat money is privately adjusted standard of value that has no oversight and therefore is the worst system of commerce possible. It's not backed by competence. It's handled by the incompetent. That's the whole reason why a gold standard is better than this shit we have now.

@Safa.98 Год назад

Well did you buy gold after listening to this?

@amosaft7060 Год назад

the world was successfully had in 1971, then a tale of how "unsuitable" for the modern economic needs the golden standard was was invented. bravo.

@OneMinuteEconomics Год назад

Do you believe a return to the gold standard would be practical at this point in time?

@cubirk 6 месяцев назад

@@OneMinuteEconomicsyea but not only using gold, there is not enough gold, but there are other valuable materials goverments could use, like silver, uranium or even helium

@divyaakashdutta4038 4 года назад

This 1 min video made me understand what an entire book couldn't.

@OneMinuteEconomics 4 года назад

Really happy to hear you found the video useful, comments like yours always make my day :)

@krishnachaitanya7435 5 лет назад

It's perfectly clear now. Thanks mate...

@JohnnyJr396 5 лет назад

Lol not really www.philosophicaleconomics.com/2014/07/goldstandard/

@bgeg3005 6 лет назад

Your videos are the BEST !!!!!!!!!!!!

@savagegang9443 3 месяца назад

Top G

@jackdrook9762 2 месяца назад

One criticism. Money isn’t backed by confidence. It’s backed by debt. The cash that circulates is basically notes of credit (similar to the credit in the term credit card) between the government and the central bank.

@alparslankorkmaz2964 3 года назад

Nicely explained.

@jsallerson 4 года назад

I love the blatant skip from 600 bc to 1944 Bretton Woods. Kinda skipped 3 millennia there.

@OneMinuteEconomics 4 года назад

@printingwithpeek4897 Год назад

The Bretton Woods Agreement was headed by John Maynard Keynes. He was the idiot that mad the price of gold inflate because he said that the standard of value was adjuatable.

@ExcelTutorials1 3 года назад

Explained very well, thank you!!

@OneMinuteEconomics 3 года назад

Thanks a lot for the kind words :)

@ExcelTutorials1 3 года назад

@@OneMinuteEconomics your welcome, thank you for the video!!

@elonmusk400 4 года назад

Only video I watched on youtube that did not waste a second

@OneMinuteEconomics 4 года назад

I do my best haha, thanks a lot for the kind words!

@jpelite2110 3 месяца назад

So everyone is here from Adin Andrew stream? 😂

@OneMinuteEconomics 3 года назад

One Minute Economics needs your help! Please give me a minute (heh) of your time by watching the following video if you find the channel useful, literally anyone can help (either financially or by spreading the word about my work): ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-io04ckq1X1M.html

@henrygustav7948 2 года назад

The barter origin theory of money has been debunked a long time ago. Adam Smith was wrong in thinking that he found an instance of barter, what he really found was credit use. Money never originated out of barter, money originated out of debt.

@user-exuytv 3 месяца назад

TOP G

@jeoq 3 месяца назад

The context of people being here is from Andrew Tate (im sure you know who he is) went on a stream by Adin Ross. Andrew told him to research topics such as The Gold Standard, The Bretton Woods System, Quantitative Easing and the current fiscal system. Sir

@OneMinuteEconomics 3 месяца назад

If you are interested in those topics, all of them have been covered through dedicated videos that can be found over at my Money & Banking playlist: ru-vid.com/group/PLhICud5IUwVimLuZK0Qfi6OzCB0CloH5J The playlist contains 62 one-minute animations like this one, which tackle pretty much everything you need to know about money and the financial system.

@jeoq 3 месяца назад

@@OneMinuteEconomics Me personally I already know most of this stuff. I just wanted to give you context

@georges9760 3 месяца назад

@@jeoq Source: Trust me bro

@jeoq 3 месяца назад

@@georges9760 Was what I said not true?

@kingsaw5282 11 месяцев назад

This why I just paid $20 for a meal for 1 at the take out spot?

@Thefitnesstrucker88 3 месяца назад

The value in this video is insane. Andrew about to have a 7 year old video hit a million views just from yelling at Adin L.

@OneMinuteEconomics 3 месяца назад

Glad you like the video! It has indeed been receiving a lot more traffic than usual over the past week or so, but only about 10k views or so. The overwheming majority of this video's traffic has been "collected" over those 7 years gradually, most of my videos receive traffic this way. Kind of the opposite compared to streamers and vlog-style channels, where videos receive a lot of traffic initially and then usually stop receiving traffic.

@jeoq 3 месяца назад

Tate putting me on

@saytr4 5 лет назад

The reason Switzerland, France and other countries started buying gold had nothing to do with "no longer trusting the US dollar". They were able to buy the US gold they were buying at the same $35/oz price that had been set in 1944. Gold was empirically worth more than $35/oz in 1971. After gold started trading without restrictions in the market the price went as high as $850/oz in 1980. If there had been some sort of sensible market- based mechanism for adjusting the exchange rate things might have been very different. Instead, we ended up with schemes like the Gold Pool that tried to regulate the market to keep gold at the same price while everything else in the world was subject to inflation and got more and more expensive. It ended up being yet another example of why price-fixing doesn't work.

@user-nf9xc7ww7m 4 года назад

Also didn't help US put tariffs on imports during the Nixon shock speech. Wouldnt be surprised if the other countries slapped on retaliatory tariffs on American goods. I know economics is fairly new, but come on. If someone slaps you, 9/10 they will slap you back. Dont take a genius to figure that out. Australia is kinda figuring that out now with China (not tariff for tariff, but t-t for tat)

@DhukuAC 11 месяцев назад

No it showed why the gold standard doesn’t work

@Belloking1 5 месяцев назад

⁠No it would have work if everyday people were able to redeem their dollars for gold meaning the fed would have to have the gold to back it up making it a true gold standard. Only reason it failed and why golds price “went” up is because after 1945 we went to a fractional reserve gold standard which meant only a certain percentage of dollars had to be backed up with gold and since everyday people couldn’t redeem for gold anymore and banks around the world had incentives to not spill the beans, the amount of dollars to gold was able to keep increasing without to much notice until 1971, when golds market price was higher than it’s fixed price meaning that the US had printed even more dollars than what the fractional reserve was supposed to be able to cover which is why the speculators speculated. A true gold standard works and has worked for thousands of years. This current system allows reckless behavior to go unpunished and even rewarded which wouldn’t be possible with real money.

@repanshusharma7084 Год назад

One of the best videos ever

@OneMinuteEconomics Год назад

Glad you like it :)

@combatmedic4896 4 года назад

the reason for the return of confidence in dollar it's link with oil and if the oil-producing countries accept to sell it with non-dollar, the dollar would have fallen coz it does not have a balance of gold equivalent

@OneMinuteEconomics 4 года назад

That is one dimension, definitely an important one. There are however quite a few others involved and while the dollar is no longer backed by gold, it's backed by anything from the productive capacity of its citizens to the military strength of the US :)

@beboysub 2 месяца назад

Thank You kind Sir

@user-ol7tl1vf5m 3 месяца назад

The Philosopher's Stone. In 1980, gold was successfully made by a team of scientists at the Lawrence Berkeley National Laboratory in Berkeley, California. Nuclear chemists Glenn T. Seaborg, David J. Morrissey and Walter D. Loveland used a high energy nuclear particle accelerator known as the Bevalac which transformed the metal bismuth into gold. The process is known as "Chrysopoeia".

@gabi.a 2 года назад

It lacks a few details, but it's really helpfull for someone just begging to learn about economy. thanks for making it 😊 👏

@OneMinuteEconomics 2 года назад

You care more than welcome Gabi, thanks for the kind words!

@prajilbhagat2254 Год назад

Where can I learn the whole about it?

@rudeawakening3833 Год назад

@@prajilbhagat2254 Look up the 1944 Bretton Woods Agreement . Basically : After WWII , all nations met in a little town called Bretton Woods New Hampshire , USA . Since 100% of fiat currency has FAILED for thousands of years , because whoever is given the privilege of “ world reserve currency “ status , has ALWAYS abused that privilege by “ money printing “ ; the USA promised the WORLD , that this wouldn’t happen , because for every $35.00 that was PRINTED , the US Mint would mint a 1 ounce gold bullion coin and deposit it into the Ft . Knox vault . And a promise was made to ALL NATIONS GLOBALLY , if they choose to bring said US dollars BACK to the USA , they would be gladly exchanged for gold . This worked WONDERFULLY for 27 years . Then , of course , crooked bastard President Nixon was sending rocket ships to the moon , sending men to Vietnam , spending billions on that fiasco war , etc - France called the USA’s bluff , and requested physical gold . So - since that President abused that privilege , by printing money , WITHOUT BACKING IT UP WITH GOLD AS PROMISED - he chose to tell the world , “ I told the treasury secretary to temporarily suspend the convertibility from dollars to gold to “ defend the dollar “ . But all he did was to try to cover up his scandal . The countries that all met in 1944 , were SO impressed that the USA was going to be transparent and add the required 1 ounce of bullion to the vault for every $35.00 printed ; they all in turn , agreed to peg their country’s fiat money to the US dollar , as it was ( supposedly ) pegged to gold ! A PERFECT system , without one particular event ! The countries SHOULD HAVE INSISTED UPON AN ANNUAL FT . KNOX VAULT AUDIT !!!!! Bam ! The rest is history , the fiat system has been broken since August 15, 1971 . Go watch the 5 minute U - Tube video ! Peace ☮️

@karthikmohan1539 Год назад

Great work

@OneMinuteEconomics Год назад

Thanks a lot Karthik :)

@dilrajghuman5945 4 года назад

I just learned so much in 1 min 30 secs

@OneMinuteEconomics 4 года назад

Few things make me happier than reading such comments, thank you :)

@TheSonic1685 27 дней назад

You forgot to mention that now they can just print as much money as they want raising the prices of goods and services and giving the state the ability to buy whatever it wants.

@h.hickenanaduk8622 3 месяца назад

Hears a tip from the Lizard King - the future's uncertain and the end is always near. Roll, baby.... roll.

@Empty-Profile 20 дней назад

“Erm, achully this video is 1 minutes and 30 SECONDS!☝️🤓”

@Exodianotforbidden 4 месяца назад

BRO THANK YOU❤

@OneMinuteEconomics 4 месяца назад

You are more than welcome, thank YOU for the kind words :)

@davidpeters8821 24 дня назад

Soooo, they were like"damn this real thing.....we run on thoughts and prayers now"

@Breaktheatm 3 месяца назад

Shout out to tate

@econotime Год назад

Your channel is very good, I recommend your channel in my last video to my brazilian subscribers.

@OneMinuteEconomics Год назад

Truly appreciate the support Gabriel! :)

@begobolehsjwjangan2359 2 года назад

i keep some gold reserve my own in the form of coins/dinars. when zombie apocalypse happen i can trade gold coins with some toilet papers, i can't do that with a printed paper or cryptocurrency. people love gold, even when it's the end of time people will still love gold and there is always this urge of need to have it.

@OneMinuteEconomics 2 года назад

I don't know about everyone else but in a zombie apocalypse scenario, you could offer me your gold in exchange for my food for example... but I'd politely refuse :)

@begobolehsjwjangan2359 2 года назад

@@OneMinuteEconomics nah, you will take it and give me your extra food. of course you wont give me your food if it's your last food you won't trade it for anything else. even in zombie apocalypse people still need a form of "money". because barter is impractical. and in no government world, gold is a widely accepted form of payment. people may not believe in government but people still subconsciously believe in gold.

@OneMinuteEconomics 2 года назад

I went with the (I believe correct) assumption that in a zombie apocalypse scenario, extra food would be hard to come by :) The main idea I am getting across is that in a true worst case scenario (Wild West on steroids), gold wouldn't shine, so to speak. Once the dust settles and we start getting a semblance of civilization back again, that would change and gold could indeed facilitate the transition to a new normal

@0118uhauha Год назад

@Woopor Год назад

But I don’t understand that. If money falls, gold should fall also, right? There is nothing separating gold from money save for that gold is heavier and is used in electronics

@DavyDeloom 10 месяцев назад

what software have you used for animations?

@sethfrisbie3957 2 года назад

I honestly want a return to the gold standard.What about you?We can use old gold as to make sure we don't run out of gold reserves.

@OneMinuteEconomics 2 года назад

Not sure a GS would be feasible at this point in time, perhaps something involving a basket of commodities with gold included would be a better fit :)

@begobolehsjwjangan2359 2 года назад

establish sharia law. you'll get your gold standard because sharia law must be based on real thing/gold. back to use dinars/gold coins as payment. it is widely accepted because everyone love gold no matter what it shape, tho coin shape make it more practical. it's a bit impractical but when zombie apocalypse and global blackout happened you can buy toilet paper with gold coins, not with crypto. and yeah, i sold all my bitcoin and keep some of etherium before etherium skyrocketing. global black out soon will happen. the last person who cashed out their crypto / has the real money aka gold before it happen will live like a king. global blackout = no internet for eternity guess who will cash out their cryptocurrencies and pull the plug? it's the same "them". banking system has that covered, with mountains of paperback print out of transaction history in some remote area warehouses stashed for 30 years. it will take a lot of time just to settle a transaction after just a day of total blackout but at least you have paper printed evidence. crypto doesn't have that. i worked in treasury and custody department in the bank.

@jamesevangelista6460 2 года назад

Money is a social construct - Gary Gensler

@OneMinuteEconomics 2 года назад

@printingwithpeek4897 Год назад

Gary Gensler is a Keynesian Democrat.

@animeXcaso Год назад

Language is a social construct

@icarus6492 4 года назад

I await the day when Schmeckles become the world standard

@OneMinuteEconomics 4 года назад

@LeoFreemanAUST 6 лет назад

PLease, do a one minute lesson on the Global Currency Reset!

@fannywayne1920 4 года назад

Hi i come to you from the Future 2020 the Global Currency Reset is currently happening.

@LeoFreemanAUST 4 года назад

@@fannywayne1920 Well tell me this, Future Girl - WHO is the President of the United States in 2020???

@fannywayne1920 4 года назад

@@LeoFreemanAUST You won't believe i tell you :'( ... TRUMP!

@LeoFreemanAUST 4 года назад

@@fannywayne1920 TRUMP?!!? The Actor? :-o

@hugonongbri8100 6 лет назад

could you do a 1 minute on trickle down economics ?? thanks :D

@OneMinuteEconomics 6 лет назад

Will do my best :)

@np5246 6 лет назад

Hugo Nongbri Here's something: Ideally: Tax cuts lead to an increase in corporate profits. This financial benefit for corporations leads to (I.e. "trickles down" to) financial benefits for the poor (e.g. the creation of jobs!) Reality: Tax cuts lead to an increase in corporate profits. The corporations could use their financial gain to benefit the poor, but they also consider using it to benefit themselves even further instead (e.g. spending on automation instead of job creation).

@np5246 6 лет назад

Hugo Nongbri In just a few seconds: An excuse to help rich people to become even more rich.

@matrixman8582 6 лет назад

Nathan Payne Thats Keynesianism. Inflation helps the rich

@markcarey8426 3 года назад

A politician here in NZ described 'trickle down economics' as the rich peeing on the poor.

@WMD628 2 года назад

Trust me bro. "silently prints even more fiat"

@OneMinuteEconomics 2 года назад

@AR-Exp 2 года назад

Right now it is backed by Confidence in Military,

@OneMinuteEconomics 2 года назад

Which is not exactly "nothing" as many state, as we are unfortunately finding out nowadays :(

@TheEldenMalikethVox 3 месяца назад

here from bald man vs L adin. I wanna keep looking into this a bit.

@moviesclips817 Месяц назад

I friends it's me Prasad 😁

@kienwenchang7108 2 года назад

Basically, these are votes of confidence. But, by whom?

@XKT035 4 года назад

0:39 Australia doesn’t use the Euro

@enriquesanchez8036 6 лет назад

since when does australia use the euro??

@maxcotton620 4 года назад

Gosh, seems awfully risky to have paper money's value be supported by faith alone. What happens when that faith ends?

@OneMinuteEconomics 4 года назад

To be fair, let's just say currencies are indirectly supported by a wide range of factors, anything from the military strength of the nation in question to quite a few wealth forms (natural resources, businesses, etc.) :)

@user-nf9xc7ww7m 4 года назад

See a currency counsellor or a money priest.

@underdogtv2855 2 года назад

@@OneMinuteEconomics Their are many powerful militaries so thats a ridiculous to trust military strength .

@Woopor Год назад

But being supported by gold is literally the same thing. It’s a precious metal, yes, but it’s not a very awesome metal. It is used in computers, yes, but it’s not like aluminum and copper which have a variety of used even if the electronic industry collapses for whatever reason

@bunnyfreakz 2 месяца назад

@@underdogtv2855 That's why they need to create enemy that " threatening world peace "

@Money-Madness100 3 месяца назад

POV : you are here because ANDREW TATE told you to watch this

@theleafsprungjeeper 4 месяца назад

If wages were paid in a specific amount of gold without any raise in that amount, wouldn't that stop inflation? What you can exchange for 10 grams of gold today would not change to a lower value even if that same 10 grams of gold would be used in a 100 years. I would really appreciate an economists take on this.

@izaiahcrowned 7 месяцев назад

“Backed By Confidence” lmao insane.

@OneMinuteEconomics 7 месяцев назад

A++ confidence, would believe in again :P

@haydenbrown821 5 лет назад

*William Jennings Bryan has joined the chat*

@King-tz8ih 3 месяца назад

tate

@niemand2046 4 года назад

So just to be clear. Since 1971 money doesn’t have a back up (a value) as it did before. Because money is printed by the amount of gold their was. But if that is not the case anymore. Then money has no value anymore right? So there can not be a inflation? Correct me if i’m wrong i dont know if understand it.

@OneMinuteEconomics 4 года назад

Very tricky issue to tackle because while the let's say dollar is indeed no longer backed by gold, it's difficult to state it isn't backed by anything because a valid case can be made that it's backed by the military might of the US and the geopolitical influence it brings about, by the confidence people have in the idea that the dollar system is the lesser of all evils and so on :) At the end of the day, no matter what kind of a monetary system we are talking about, "confidence" is the operative word. Even if currencies are backed by gold, they can become worthless if people were to lose confidence in gold and decide it's no longer desirable, the market ultimately decides in one way or another.

@user-cv2of4ve4u 8 месяцев назад

Is Gold coming fom South America different from gold in Amerca or do gold not lose value???

@paulbruch3120 Год назад

Are we casually ignore that Australia has an Euro sign for its currency?

@_nom_ Год назад

He's American, he doesn't know any better

@bswajena7176 3 месяца назад

Guys Adin is a complete clown TOP G literally came with a white board to explain imp sh*t but Adin never fails to dissapoint him W TOP G

@stan3070 Месяц назад

But but but if there isn't enough gold to match the money it just wooontttt workkkkk waaaaaaa

@saulhendrix4459 4 года назад

Gold is also backed by confidence that it will mean something to people... in the end its just a yellow metal... so its kind the same now and then.

@OneMinuteEconomics 4 года назад

Fair point, it's remarkable how "confidence" seems to pretty much always be the common denominator

@VitalMusic217 2 года назад

Not really. Gold is a REAL material that can be stored. You know how much of it is out there. You cannot print gold.

@printingwithpeek4897 Год назад

WRONG. Gold has multifaceted uses and does not oxidize over time which is why it's a precious metal. It's used in processors and other electronics as well as reflectors because of how stable it is. It is a working metal. It's a limited commodity item which is the reason why it makes sense.

@jirachi-wishmaker9242 Год назад

Gold is used in space telescope, astronaut suit, all kinds of electronics, chips, etc.

@jirachi-wishmaker9242 Год назад

It's non corrosive

@cubirk 6 месяцев назад

All the world's economies should be based on gold or at least some valuable materials

@Yamayamauchiman 8 лет назад

Fiat currency is the worst thing in economic history.

@oliverjones3672 7 лет назад

Yamayamauchiman gonna prove that?

@JyoungPvP 7 лет назад

Well, since the roman empire introduced a fiat currency, the value of it dropped by 99.9% and eventually led to their fall.

@TehObLiVioUs 6 лет назад

Bitcoin will become the main currency of the world sooner or later... WHY?! Well, for one, it has a max supply. That's at least one HUGE step. Suppose you can also say that it's the money of the internet because it's decentralized and doesn't matter where you are in the world to send it. Money of the internet, and everything is on the internet (more and more these days) so yeah.

@dheevesh16 5 лет назад

Nice, well elaborated, argued and reasoned statement you’ve got here.

@clatoris69 5 лет назад

@@TehObLiVioUs So what will your net worth be in a world without electricity, that is payed for with fake currency?

@DavidLucas-zq8gb 5 месяцев назад

The gold standard is a HONEST money system and that's why it is hated by bankers

@nicoh1953 Год назад

As weird as it might sound, this is one of the reasons the social gap is growing rapidly since the late 40s! Just one example: Money isnt backed by gold anymore so the state can just give you money that they printed to spend. This money is spend by you and the money goes to rich people who own the companies. They now have an incredibly high income flow in times when they shouldnt. They cant keep it, because inflation is gonna hit, so they invest. It enables Keynesian economics. They never work in the long run, a supply-based economy would be better, but politicians want to be voted and the rich want their money!

@OneMinuteEconomics Год назад

The main problem I see with this perspective is the fact that the state, historically speaking, has pretty much always proven to be quite creative with respect to acting irresponsibly. Even on the gold standard :)

@nicoh1953 Год назад

@@OneMinuteEconomics yes I do agree with you, but Keynesian economics are very bad for us and pretty much all western states do it now!

@OneMinuteEconomics Год назад

I wouldn't be quick to paint the collective West as suffering immensely, even if polarization tends to lead us to such conclusions. What alternative to Keynesianism do you envision and why?

@grimaffiliations3671 Год назад

inequality fell since the fold standard was abandoned

@damien86 4 месяца назад

Why limit the economy to the scarcity of gold? Much better to just print the money needed by the country I think.

@OneMinuteEconomics 4 месяца назад

Jerome and Janet approve :)

@alexcholagh8330 3 года назад

Not true 100%. Gold coins been around over 8,000 same with silver and there alloys

@lordcusnir 3 месяца назад

So it's basically a scam

@OneMinuteEconomics 3 месяца назад

I could definitely formulate coherent arguments in both directions. Suffice it to say it's a topic people should learn at least a thing or two about

@honeycat2300 6 лет назад

1:04 britian is supposed to be winsten Churchill !!

@zenrelaxation9196 Год назад

This must be the most scariest video ever

@OneMinuteEconomics Год назад

@MG007. 11 месяцев назад

An oversimplified way but yeah thats exactly it

@kacprorzchannel4732 3 месяца назад

Interesting. I always thought currencies are backed by gold, but from what i understood they aren’t? Fiat money is backed by confidence in your country and society?

@zokoon 8 лет назад

Why did france start buying gold? And why did nixon cared?

@OneMinuteEconomics 8 лет назад

After World War 2, the United States ended up having 2/3 of the world's gold reserves. Therefore, to facilitate trade, the US Dollar became the world's reserve currency and all of the other currencies were pegged to it. At that point, the Dollar was pegged to gold and therefore, all of the other currencies were *indirectly* pegged to gold :) As mentioned in the video, the "pure" gold standard involved average citizens being allowed to exchange paper money to gold whenever they pleased. That was no longer the case after WW2, when the United States only allowed the central banks of other countries to exchange USD to gold. Average individuals didn't have this privilege. Well, time went by and the United States started printing more and more money to fund various projects such as Lyndon Johnson's Great Society and even wars such as the one in Vietnam. The result? Obviously, there was more and more paper money in circulation and other countries such as France started to be worried. Therefore, these countries started asking the United States to give them gold in exchange for their paper money. The United States honored these requests initially but its gold reserves kept shrinking dramatically and as a result, Nixon ended up deciding to take the United States and thereby the world off whatever was left of the gold standard in 1971.

@zokoon 8 лет назад

So countries like france were worried about the value of the dollar? Also, why was the US worried about having less gold?

@OneMinuteEconomics 8 лет назад

Yep, exactly. Other countries were worried because as more and more money was printed, the USD became less and less backed by gold. At that point, it was strange to think about a currency backed by "nothing" like what we have today, so countries like France decided they'd be better off getting rid of their USD and receiving gold instead. Other countries followed suit and that exacerbated the problem. Why? Well, because money continued to be printed on the one hand and on the other hand, the gold reserves of the United States kept going down due to central banks demanding gold. Nixon ultimately decided that he was no longer willing to let gold leave the US like that and his decision marked the end of the gold standard.

@aaronmendoza7650 5 лет назад

@@OneMinuteEconomics thank youu

@inter3684 5 лет назад

@@OneMinuteEconomics gold is real money, today we use fake money, isn"t it ?

@bearlogg7974 Месяц назад

Because why should people & politicians be held accountable for their handling of money!

@OneMinuteEconomics Месяц назад

What if they promise to be responsible? :D

@user-cv2of4ve4u 8 месяцев назад

Is gold coming from the east differnt from the west or do gold not lose value?????

@nicksofialakis1448 8 лет назад

Devaluation of your fiat notes = 80% of your wealth goes straight in to the bankers fat accounts in just two decades! Your income Taxing milking is the annual wave that is reaping you as you go. Its called SWINDLING Science or In Bank we trust.

@np5246 6 лет назад

Nick Sofialakis [citation needed]

@alexdiaz1769 3 месяца назад

Here cause of Andrew Tate

@videakias3000 5 лет назад

we should go back to the gold standard.

@jaybasedd 4 года назад

videakias3000 oh we are... real soon

@hopperj6 4 года назад

@@jaybasedd This guy gets it

@kawaiidesugaming6570 4 года назад

@@hopperj6 WWG1WGA

@1ennx 4 года назад

its called bitcoin

@user-nf9xc7ww7m 4 года назад

I call rice standard. Cant eat gold. So more intrinsically valuable.

@justintimbersaw3934 11 месяцев назад

It doesn't have to be gold. Silver, copper or anything do just fine. As long as it's not paper monopoly money.

@joemiller947 10 месяцев назад

Gold, Silver, and Copper are just metallic forms of paper monopoly money. Their value is entirely based on how valuable people think they are, and how useful they are for people.

@NeoWasami 4 года назад

Lol now I understand why old people dont like the new system and why money seems to devalue on a whim...because it technically does.

@OneMinuteEconomics 4 года назад

Heh, simpler times do have an allure to them, especially given 2020's climate :)

@jameseldridge3445 Год назад

Read "The Federal Reserve, Its Origin and Growth" by Paul Warburg.

@MSDGroup-ez6zk 3 месяца назад

@dantobarbarian4842 Год назад

Wait if France started exchanging dollars for gold because they did not trust America, then how did moving to a fiat system "help" things? I mean if money is backed by "confidence" doesn't that make it even more sketchy?

@OneMinuteEconomics Год назад

Think about it from the perspective of the US... from holding 2/3 of the world's gold reserves post-WWII to seeing these reserve dwindle because sovereigns keep turning in dollars and requesting gold. I'd say it's more a matter of doing it (ditching the gold standard altogether) because you were forced to rather than doing it because you believe you're migrating to a better system