Episode Air Date: March 29 2023

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Following along with this article from Philosophical Economics we will be diving into how the Gold Standard works as an easy crash course in what it is, how it functions, and clear up any misconceptions.

In this episode, we dive into how the gold standard functions in a central banking system as well as the theories surrounding how central banking is utilized as a control mechanism in modern economies (and their failures).

Central banking, by manipulating the money supply, central banks can cause economic booms and busts, leading to destabilization and uncertainty. They have a history of mismanaging economies and ignoring market signals.

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The gold standard was abandoned in 1933 with Executive Order 6102, which made it illegal for U.S. citizens to own gold, and how it set the stage for the irresponsible monetary policy we see today.