Power of Gold: The History of an Obsession Audiobook

Peter Bernstein Trio 'I Love You'

This rare metal is paradoxically found across all continents. The Ancients Egyptians, Jews to Romans adored gold but as a display of wealth not as money.

This rare metal is paradoxically found across all continents. The Ancients Egyptians, Jews to Romans adored gold but as a display of wealth not as money.

The demand for gold drove the demand of mining. Mining is a labor intensive process and this facilitated slavery. He a An Euro-centric Keynesian History of Gold Gold is a chemically inert, oxidation malleable and high density metal. Bimetallism is seldom stable as changing supply of metal overtime causes the values to change. Croesus maintained a ratio of Persians and the Romans: The expanding roman empire experienced the shortage of gold.

Shortage lead to the below. Living with insufficient supply makes demand fall short and downward pressure the price aka Depression. This was officially the widely accepted form of money. Made gold as the only accepted medium of exchange. Africans traded gold to salt. Salt was their primary money because of its scarcity. Portuguese and Spaniards paved way for discovery of the new world. Atahualpa was baptised in the honour of St.

John for a quick and painless death. Mining became a serious business. Under the spaniards, the merciless labor was devastating to the natives. The death rate was so high that many africans slaves had to be imported. With Gold flowing back to Spain, Spain failed to become rich. Asia is hardly discussed in the book which is a huge drawback.

Asians understand gold was too important to be traded as money. The word Cash for ready liquid money is Tamil word. Hien Tsung AD , due to severe shortage of copper, used sheet of paper for money. In , Charles II of England issued an order in council mandating manufacturing of coins by machinery in-place of hammer. New Bank system and First Crisis: Three forms of money were used in Britain.

Government minted gold coins 2. Bank Notes from BoE and other private banks 3. People deposited gold to goldsmith and got receipts. Fear of French invasion provoked citizens to encase bank notes for gold. This resulted in Bank Restriction Act of According to the writer, Gold standard was a symptom of stability and not the cause.

Post WW I ,National debt swelled by multiples of for all. Each country owed many to many of its citizens. Gold Standard was suspended as a result, To bring to Gold standard means higher interest rate. High interest rate means subdued business activity which in turn means higher unemployment.

Higher employment keeps wages in check which keeps price in check. The gold standard of was passed subsequently. The currency which broke from gold standard devalued. USD become the only currency convertible to gold by central bankers, national treasuries and not private individuals. USD became the preferred mode of payment over gold as it was easy convertible and earned interest.

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Inflation was the only vulnerability of USD. Vietnam war, budget deficit, unemployment contributed to inflation. Nixon removed the gold standard in Floating currency system was established. This is an erudite account on the history of Gold. However, it has few drawbacks. The writer takes a Keynesian approach to narrate the history of the gold instead of taking views from all school of thoughts.

It is implicit from his writing that he's skeptical of gold as store of value or medium of exchange. It crosses national, ethnic, and religious cultures--indeed, it might be deemed the thing we all worship. The author covers the history from legends King Midas and biblical stories The Golden Calf to , when the book was published.

It is quite a journey. Of course gold is worth so much because we all agree it is worth something. If we decided coconuts were as valuable, the world would be changed forever. The book ca Here is a history of an element that is almost universally desired. The book carries us through the search for gold, trading the gold, killing for gold, etc.

Bernstein spends a good deal of time explaining the gold standard--whereby many countries pegged their currency to the value of gold. I have to admit, he lost me a bit here, but I got the idea. Since the book has been published, gold has quadrupled in value--I would be curious to see what the author would say about that.

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