The REAL Reason the World Left the Gold Standard
Heresy Financial : 3-10-2023
Gold has served the role, and function of being money for thousands of years. This is because gold has characteristics that make it perform and function better as money than all its competitors.
The difficulty in mining gold and getting it out of the ground meant the supply was limited, keeping inflation in check.
It is an easily recognizable color, and its heavy weight and its malleability meant that it was difficult to counterfeit.
The relative scarcity of gold meant that you could store a large amount of wealth in a small space.
And finally, the fact that it is impervious to corrosion, rust, decay, to rot, meant that you could store your wealth in gold forever without ever worrying about time ruining your wealth.
Timecodes
0:00 Video Introduction
0:50 The Shift from Gold to Fiat Money
3:22 Trust Issues with Fiat Money
5:18 Trust Issues with Gold Standard
6:02 Counterfeiting in Gold Coins and Debasement of Currency
7:40 Verification of Gold
8:42 The Need for Trust in All Monetary Systems
