A history of Gold | The Economist
In Gold We Trust: The Future of Money in an Age of Uncertainty
The Economist has published a new book, authored authored by Matthew Bishop, American Business Editor, and Michael Green, on gold and the future of money. "In Gold We Trust" is available globally on Amazon as a Kindle Single. http://amzn.to/y8GjcY
Subscribe NOW to The Economist: http://econ.st/1Fsu2Vj
The price of an ounce of gold has risen more than fivefold in little more than a decade. How long can this go on? What does it tell us about the future of money?
Gold divides opinion among the world's smartest investors. Which one is right? Gold is certainly rare but is it money? Gold money has been around for a long time - the first gold coins were minted more than 2,500 years ago by Croesus the king of Lydia. In the 19th century the global economy ran on gold in the age of the gold standard. The Bank of England was at the center of world trade yet even then in the Golden Age of the gold standard, critics said that sound money came at a high price for ordinary people.
In 20th century gold became the villain and took much of the blame for the Great Depression of the 1930s. President Franklin D Roosevelt took America off the gold standard in 1933.
Money no longer represented a fixed amount of gold. Money became the paper promises of governments and it seemed to be working fine. Gold went out of fashion - governments started selling off gold but then the party ended. Governments went on a spending binge to prevent a recession. The Federal Reserve printed billions of dollars to help the economy but where will all the money go? If the economy recovers quickly and politicians can fix the deficit, maybe the gold bubble will burst. If things don't get any better, more investors will be looking for a safe haven for their wealth. Is it back to business as usual, or are we on the verge of a revolution in the technology we call money?
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The Economist has published a new book, authored authored by Matthew Bishop, American Business Editor, and Michael Green, on gold and the future of money. "In Gold We Trust" is available globally on Amazon as a Kindle Single. http://amzn.to/y8GjcY
Subscribe NOW to The Economist: http://econ.st/1Fsu2Vj
The price of an ounce of gold has risen more than fivefold in little more than a decade. How long can this go on? What does it tell us about the future of money?
Gold divides opinion among the world's smartest investors. Which one is right? Gold is certainly rare but is it money? Gold money has been around for a long time - the first gold coins were minted more than 2,500 years ago by Croesus the king of Lydia. In the 19th century the global economy ran on gold in the age of the gold standard. The Bank of England was at the center of world trade yet even then in the Golden Age of the gold standard, critics said that sound money came at a high price for ordinary people.
In 20th century gold became the villain and took much of the blame for the Great Depression of the 1930s. President Franklin D Roosevelt took America off the gold standard in 1933.
Money no longer represented a fixed amount of gold. Money became the paper promises of governments and it seemed to be working fine. Gold went out of fashion - governments started selling off gold but then the party ended. Governments went on a spending binge to prevent a recession. The Federal Reserve printed billions of dollars to help the economy but where will all the money go? If the economy recovers quickly and politicians can fix the deficit, maybe the gold bubble will burst. If things don't get any better, more investors will be looking for a safe haven for their wealth. Is it back to business as usual, or are we on the verge of a revolution in the technology we call money?
Get more The Economist
Follow us: https://twitter.com/TheEconomist
Like us: https://www.facebook.com/TheEconomist
View photos: https://instagram.com/theeconomist/
The Economist videos give authoritative insight and opinion on international news, politics, business, finance, science, technology and the connections between them.
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