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The History of Paper Money - VI: The Gold Standard - Extra History (Patreon)

Published:
2016-11-04 07:39:45
Edited:
2018-05-15 01:50:25
Imported:
2022-01

Content

The gold standard survived for centuries. What finally brought it down? 

Files

The History of Paper Money - VI: The Gold Standard - Extra History

Even as the use of paper money grew, ties to the gold standard remained... and remained challenging. From the First Opium War to the Great Depression, events around the world stretched the capacity of bullion based economics. So what - and who - finally abandoned it? Support us on Patreon! http://bit.ly/EHPatreon (--More below) Grab your Extra Credits gear at the store! http://bit.ly/ExtraStore Subscribe for new episodes every Saturday! http://bit.ly/SubToEC Play games with us on Extra Play! http://bit.ly/WatchEXP Talk to us on Twitter (@ExtraCreditz): http://bit.ly/ECTweet Follow us on Facebook: http://bit.ly/ECFBPage Get our list of recommended games on Steam: http://bit.ly/ECCurator ____________ ♪ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H ♪ Get the outro music here! http://bit.ly/23isQfx *Music by Sean and Dean Kiner: http://bit.ly/1WdBhnm

Comments

Hasan Mahmood

First! This has been quite educational, but doesn't the existence of the Petrodollar screw with things even more?

Anonymous
>>2940833

I agree, I knew almost nothing about economics or actual monies before this series.

Anonymous

I pledged fifty and I'm not in the credits :(

Anonymous

This ended up being a really interesting topic to go through, you guys and gals did well :p

Anonymous

This is why I stayed out of economics. Thanks for explaining it so even someone like me could understand

chamillitary

I see James is using my patron money well, hope he enjoys the bath

Anonymous

This series was amazing. But I can't help to feel that while accepting money for value is a valid economic practice... having ALL the value in the world being based in USD is a bit OP for a single nation. Maybe this explains allegations that what pushed the 2nd Iraq war was Saddams lobby to change OPEC's official currency to Euros. This might even explain US' current intense intelligence and proxy-war efforts to dismantle the BRICS project, since if its monetary fund marches forward there would be a big chance that over half of the world population would end up using another currency for trade. Major powers' wars are no longer fought with guns and bullets, but rather with trade agreements and monetary exchange, huh?

Robert S

A lovely conclusion to a lovely series. I learned a lot, thank you, guys!

Robert S
>>2941411

when did you pledge? They make these things a bit in advance

Hasan Mahmood
>>2942006

The thing the video neglects to mention, though not because of malice, is that the US Dollar is still backed by a certain commodity: Oil. Once one realizes that fact, a lot of the actions of the US in the last few decades makes sense, because if any other currencies was backed by a ready supply of Oil, the value of the Dollar goes down. Subject for another day, though.

Anonymous

So Nixon did something good, for once. But yeah, oil is screwimg it up.

Anonymous

And yet the recession almost made people start hoarding gold outta fear that the dollar would be rendered worthless, and that fear still remains in some form or another. In fact, if worse came to worse and the US fell apart (or at least its economy did), we could easily see a return to the gold standard. It's almost how in the Fallout series how soda bottle caps became the new currency when the nuclear war rendered the US dollar void because, well, the US was mostly a radioactive wasteland now.

Anonymous

0:26 Or, to Translate that Quote into the Immortal Words of the Owls I occasionally look after at my Place of Work: "Kraaaaak!!!" 🙂 U.S. $10 is about U.K. £7.99 at the Moment over here. Our Economy is a little hectic currently in the aftermath of the Brexit Vote but hopefully should stabilise soon.

Anonymous

I spent the whole video waiting for the point where we finally kicked the gold standard. WW1? Nope Great Depression? Nope WW2? Nope 1965? Nope 1971? Finally, yes.

ExtraCredits
>>2941590

I'm really glad you liked it! I know James worked pretty hard to try and make this a good introduction to the subject.

ExtraCredits
>>2941569

D'aww, thank you! Always flattering when a topic as obscure as "paper money" gets some love.

ExtraCredits
>>2943935

I would try to establish a currency based on my dogs' fur. I have so much of it; I would be rich.

Anonymous

I do think you missed a potential note for 'future history' around bitcoin and it's friends, since, in essence - it's where the floating currencies will probably end up. Either way, awesome series. Money well spent :)

Jason Youngberg
>>2948786

Good point. One could argue that with electronic banking, credit cards, direct deposit, etc that we're already there. How many of us have more than $20 cash in our wallets?

Anonymous

What sources were consulted when putting this series together? I ask because I'm currently working on a project that would really benefit from my own research on these subjects.

Anonymous

Why are we talking about needing unlimited money? What unlimited resource can we possibly claim? There is none on Earth, even if you enslave your children for a hundred generations and give up everything they own. We have finite resources, it makes no sense to have unlimited money. Please see Nom Chomsky, that renowned professor of MIT, on his talk about the modern economy: <a href="https://www.youtube.com/watch?v=Pch8Ii966iA" rel="nofollow noopener" target="_blank">https://www.youtube.com/watch?v=Pch8Ii966iA</a> "In the depression, there was a real expectation things would get better, a hopefulness. There isn't today." It is made to seem as if gold was the reason for the depression, blaming it for its inability to stop it. Modern banking is what caused the depression, playing financial games with people's lives and livelihoods, as they generated money which shouldn't and really didn't exist. Gold cannot stop that, as gold does not multiply when you multiply your currency. You can be as flexible as you like, but if you throw yourself off a cliff, it does you no good. As for standing on the US dollar, we have seen the results of that today, and are still seeing them. Nixon took the world's gold, refusing them the right to redeem it the USA promised, and they were left to hope for the American currency. They tried to swap to the Euro, and we saw how that went for Greece.

Anonymous
>>2956499

I can recommend you a couple of good documentaries on the subject. One is by Nom Chomsky, (yes, that Nom Chomsky). The other is a more basic overview, deeper than EH's series. Money as Debt: <a href="https://www.youtube.com/watch?v=jqvKjsIxT_8" rel="nofollow noopener" target="_blank">https://www.youtube.com/watch?v=jqvKjsIxT_8</a> Requiem for the American Dream: <a href="https://www.youtube.com/watch?v=Pch8Ii966iA" rel="nofollow noopener" target="_blank">https://www.youtube.com/watch?v=Pch8Ii966iA</a>

Anonymous
>>2972472

You're confusing "unlimited" with "infinite". Unlimited means there's nothing to stop the money supply from growing with the economy, not that there's an infinite amount of money.

Anonymous
>>2972472

I am not. Unlimited means as much as you like, no limits. Which does not match reality. You're arguing that because they weren't absurd enough to start printing bills worth, "infinities" of money, that we should ignore the absurdities I have just outlined. In fact, you have said nothing of them. Calling the creation of nonexistent wealth, "growing" the economy.