15 July 2009

The Story of the Gold Standard

While this Australian Radio National program on the Gold Standard is a bit one sided, worth a read. Summary:

Once upon a time currencies were backed up by gold - piles of gold bullion sitting in bank vaults. When the gold standard was abandoned during the Great Depression, there was public panic, and the end of Western civilisation was predicted. Luckily that didn't happen, but could the present crisis be a reason to return to the gold standard?

No comments: