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Chapter 4: Government money

Because gold is heavy to move and store, it gathered in bank and central bank vaults, and paper claims circulated instead. The author argues this centralisation let governments suspend convertibility, starting with the First World War, and finally cut the link to gold in 1971. He compares the era of government money with the gold standard and argues it brought more inflation and more frequent crises, a view many mainstream economists dispute.

Summary in our own words, not a quote from the book. The author's arguments, not investment advice. Book · Author's course