Everything You Need to Know About the Gold Standard

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Ben Shapiro breaks down the history of the Gold Standard, why it's important, and why it still matters.

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if there's one person I trust to talk about money it's a conservative Jew.

BIG_ASS_MOOSE

Love the bit when Nixon said it was being suspended "temporary". Like Reagan would later famously say “Nothing lasts longer than a temporary government program.”

masteroogway

When Nixon took us off the gold standard, my dad said we would be floating on a sea of debt with a total collapse in our future. Looks like he was right.

guidichris

Best example: in 1920's NYC, you could buy a mens "fine" tailored suit for $20. You could pay with a $20 bill, or $20 gold piece. Today, the $20 gold piece (worth almost $2, 000) can still buy a "fine" tailored suit in NYC, but the $20 bill won't even pay for the alterations!

truckerenoch

History of finance professor here. Some notes:
1834 we were on bimetallism. We had silver allowed too.
1930's Germany was required to pay back the debts from WW1 and definitely couldn't afford it.
the 1960s inflation and 1971 ending of BW was glossed over a lot. Vietnam war costs were a big part of that. Plus international trade manipulation.
the rest of this was great though. I teach a class that covers all of this in more detail, but this is a great primer. I might show my students this next semester. (But I worry some of them will report me for showing them the "evil neo-fascist" Ben Shapiro.)

ja

I like this format of video, teaching viewers. Please do this more.

dailyblunts

Our government does not have the fiscal discipline to go to the gold standard. You can't deficit spend on the gold standard, or you actually go bankrupt.

gregorymolloy

Ben Shapiro is probably the only person in America who if they told me they read the entire encyclopedia from A to Z, I would actually believe.

batmanforpresident

I just don’t understand how we can expect our currency to last over a long long period of time when it isn’t backed by anything

AdamKlownzinger

Thank you, Ben. The pass the federal reserve is given among the masses is incredibly disheartening. Ron Paul and others opened my eyes, and it’s great to know others have not forgotten our fiscal history.

jwestern

Apparently Mr. Banks was right when he said “it’s good to be an Englishman in 1910”. Back when they had the gold standard.

frostedicepharoah

I like how Richard Nixon says "I have directed the secretary of the treasury to take the action necessary to defend the dollar against the speculators..." as if it the speculators are to blame for instability instead of irresponsible government policy of making more money than can be reasonably redeemed for gold.

Castle

There hasn't been an audit of US gold reserves since the 50s. Does the US have any gold to back a gold standard today? I truly doubt it does. China, Russia and India have 80K tons.

bobbycrouch

I remember my 5th grade teacher telling me that money was backed up by "the full faith & credit of the United States". I had no idea what that meant but it didn't sound reassuring.

Alex-xhkv