Why do we love gold so much?
Summary
Mary Childs interviews economist Jacob Goldstein to explore why gold remains a trusted store of value amidst economic uncertainty. They discuss gold’s physical properties, the history of the gold standard, and how abandoning it helped end the Great Depression. The conversation also compares gold to Bitcoin and addresses modern concerns about government debt and inflation.
Topics discussed
Introduction: The allure of gold and estate auctions
Why gold? Scarcity, shininess, and durability
Gold vs. other metals and the history of silver
The Gold Standard: Definition and deflationary effects
William Jennings Bryan and the Cross of Gold speech
How the Gold Standard exacerbated the Great Depression
FDR breaks the Gold Standard to fight deflation
Gold and Bitcoin as alternatives to fiat currency
Central banks buying gold and the US deficit
Inflation, debt, and personal financial perspectives
Gardening obsessions and closing thoughts
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