Gold’s history as money? Gold has always played an important role in the international monetary system. For hundreds of years gold was money. Gold coins were struck on the order of King Croesus of Lydia, in present day Turkey, around 550 BC; Ying Yuan gold coins were probably struck around that same time in China. Gold coins circulated for many centuries, although as gold coins were too valuable for day to day transactions, silver also played an important role for many countries. Later there was an explicit link between gold and paper money, with paper being exchangeable for gold on demand. Here, we look at how the gold standard worked in practice, its advantages and disadvantages and whether today’s major trading economies might ever return to a gold standard. We also examine the recent revival in gold’s role in international reserves and in other monetary roles. Here’s the whole story; Episode 1 hiddensecretsofmoney/videos/episode-1
Posted on: Tue, 29 Oct 2013 18:55:09 +0000
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