VIDEO: A Brief History of Why We Went off the Gold Standard
July 26th, 2011With gold prices now hitting record highs, people are starting to invest in the metal as a source of stability. And why not? For thousands of years, people have put their trust in gold, because it contained its own value. In fact, until 1914, nearly every major currency in the world was backed by gold, when it was still rather cheap to own.
But that begs the question, why aren’t currencies backed by gold now? What events led to the US, and much of the world, being taken off the gold standard? Here is a video that details how valuable, and stable, gold was, and why governments decided to print their own currency instead of having it backed by a finite item like gold (Hint: it involves guns and explosives).
