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128 — Gold Standard
Manage episode 284214312 series 2870328
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At the turn of the 20th century, many of the world's currencies were pegged to gold. Gold was an international monetary standard. And then it wasn't. What happened? Was there something special about gold that led us to choose it as our standard money? Did something happen that caused gold to stop being special? Under what conditions is gold a useful form of money?
Some people say that abandoning the gold standard gave us more flexibility to properly manage the stability of our economy. If that's true, why did we adopt a gold standard in the first place? What would basic income have looked like in a gold standard world? Is it possible to have an optimal basic income in the context of a gold standard?
For optional reading this week, we have a 2019 Quartz article by Natasha Frost and Gwynn Guilford entitled, "The quiet campaign to reinstate the gold standard is getting louder."
Previous related Boston Basic Income topics have included:
BBI #12 — The Nature of Money
BBI #26 — Cryptocurrency
BBI #107 — Quantity Theory of Money
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