Money, Money, Money

Money, Money, Money


I’ve got a $20 bill here, I can buy stuff! But, wait. This is just a piece of paper. Who says anyone will trust that this is worth $20? Money is only useful if at least two people agree that it can be trusted. A new documentary asks, what makes money trustworthy? It has to be reliable, like a clock, says Steve Forbes. It has to be fixed in value. Sixty minutes in an hour; sixty seconds in a minute. Imagine if that floated each day, that would make life chaotic. So throughout history, people needed a way to assign a fixed value to money. The best mechanism for this would be some kind of commodity that’s permanent, easily transported, easily understood by everyone. And that medium was, of course, gold. Not “of course,” people have pegged money to agricultural crops, or salt, that’s where we got the word “salary,” but gold was more reliable. And once it was accepted as currency Money begins to create a kind of mobility in people’s lives that they never had before. But gold is heavy! It’s hard to carry around. That limited trade. So people invented banks. The Knights Templar developed a system where they said, well, you can just deposit your money here with us and then, when you need some, you can withdraw it from your account. This enabled the peasants to travel Europe without being a danger of being robbed. That enabled much more trade. You could sell a bond in London, and build a railroad in India. And, as a result, this seemingly resource poor speck of Europe became the financial center of the world. Then, in the US Alexander Hamilton fixed the dollar to gold. The dollar became to be seen as a rock solid currency where you could go anywhere in the world and they would accept that dollar. and the world boomed. Wages soared. It was an incredible period of wealth creation. Don’t get me wrong, there were examples of terrible deprivation and hunger. But it was a time of great material progress. And the monetary foundation of that progress lay in the Gold Standard. But as usual, rulers would debase the currency, The Emperor Nero They would call in all the coins, melt them down, reissue them, of course, with his picture on them. But with less gold Rome’s decline was very closely associated with the decline of its money. When you change the value of money, you’re stealing property That happened to Germany after WWI To print money to pay for the conflict, Europe and the U.S. went off gold. And after losing the war, Germany suffered the infamous Weimar hyperinflation. We said to Germany, “You have to pay back the world.” The nation’s government certainly couldn’t pay that much money. So, Germany began to print and printed too much. You go to a restaurant and you find that your meal is going to cost eight thousand marks, say, and you order it, you eat it, and by the time the bill comes, that eight thousand Marks becomes sixteen thousand Marks. In the United States, around that time, politicians created our own crisis. President Herbert Hoover signed into law the Smoot Hawley Tariff. Its sweeping taxes on thousands of foreign products triggered a global trade war. This set in motion events leading to the Great Depression. With millions unemployed, governments searched for solutions. They tightened the money and the country literally ran out of money. So, in some towns, there was no money left. The bank closed. I am going to establish a government market for gold. Franklin Roosevelt, in an attempt to revive a struggling US economy, confiscated private holdings of gold and devalued the dollar. So, all kinds of constitutional freedoms and this moral commitment to maintain the value of the money were swept out Roosevelt really didn’t know what to do. so he kind of tried every theory, the way people will do, like a cook in a kitchen, trying different spices. Near the end of World War II, Western governments met to try to stabilize currencies. The world returned to gold-based money. And it was enormously successful. Those two decades, from 1950 to 1960, were the most successful economically of any time. But then, again, a President abandoned the Gold Standard. I directed Secretary Connelly to suspend temporarily the convertibility of the dollar. The value of the dollar plunged. Since then the dollar lost more than 80% of its value. That’s one reason that today Some believe the future lies in cryptocurrencies like Bitcoin. Bitcoin is both a currency and a payment system, so it’s like PayPal and U.S. dollars combined into one. But so far, crypto-currencies’s price changes make them hard to use as currency. Can we transact with Bitcoin today? Oh, I’ll pay you twenty Bitcoin if you come to work for me. That will be your annual salary. Was it the Bitcoin that was worth 980 at the beginning of 2017? Or, the Bitcoin that was worth 22,000 when 2018 began? So what does the future hold? Here’s the documentary’s concluding argument: The only way to restore trust is for the United States to return to the system that worked for most of its history. Gold has proven to be the preferred monetary standard. These days, most economists oppose a gold standard. Milton Friedman opposed it. But this documentary will give you background to help you decide what you think. After all, we do need sound money with a stable value. All this is the struggle for trust. And money, ultimately, does depend on trust. You can see the full documentary on some PBS stations, or stream it at: InMoneyWeTrust.org.

100 Comments

  1. luke adamek says:

    200,000 subscriber!

  2. Paramecium Tollies says:

    In other news, all of yall niggas are retarded cuz you've been eating the fish polluted with mercury because the only way to mine gold is to release a lot of mercury into the ecosystem. Fuck the gold standard for its environmental destruction.

  3. UnendingGrimnesS says:

    We don't have any fuckin gold!! Fort Knox is empty!!!

  4. Tony Nameless says:

    Money is not gold but gold is money.
    They more money you get for your gold, the less your money actually worth.

  5. Tony Nameless says:

    You give them gold, they give you paper.
    Good deal !

  6. shadowsa2b says:

    The issue with gold, or any precious mineral or metal, is that it is a limited resource which is mined from the earth. Gold silver, precious gems, etc all exist in limited quantities on earth. Diamonds could, in theory, be created almost indefinitely from sufficient amount of carbon if it could be collected; and pearls could, in theory, be mined indefinitely from oysters if they could be responsibly farmed. But things like gold and silver are kept in limited quantities in places like Fort Knox; and there is not enough of it to go around. Even if there were, even it only has the monetary value that we all agree it has; which it mainly does because it is rare and shiny and we collectively decided that it is valuable. When it comes right down to it, any standard for currency only has the value in trade that we all agree it does; and global trade standards and exchange rates shift and fluctuate all the time.

    Im not sure it even is ultimately possible to come up with one single, universally consistently valuable (that is, consistent in its percieved and agreed upon value) standard for currency. We have various monies now which have consistent assigned numeric values. But when the cost of everything in an economy fluctuates, the buying power, and therefore ultimately the value of that still consistently numbered currency also fluctuates; as we have seen globally.

  7. Mohammad Adnan says:

    Islam is the ultimate answer. It rejects all currencies except gold.

  8. BassBreath100 says:

    Fake money / Fake Government / Fake freedom.

  9. fairj_free says:

    That was a interesting session

  10. Dmitrii Gudin says:

    I like it how Stossel doesn't take any position and, instead, let the viewers decide whether returning to the gold standard is a good idea. This is a stark contrast to most shows nowadays where a particular narrative is pushed down everyone's throat! Go, John, show them how it's done! 😉

  11. AlwaysHopeful87 says:

    Here is the link to FEDs graph on purchasing power: https://fred.stlouisfed.org/graph/?g=mXpc

  12. The Truth of the Matter says:

    Nero had a weird neck

  13. CandyCandy says:

    Yall need to watch Mike Maloney history of money

  14. CandyCandy says:

    Under the constitution, our currency should have been based on gold and silver

  15. CandyCandy says:

    FDR WAS A POS

  16. CandyCandy says:

    Stossel isn't able to speak everything… Yall need to do your own reasearch

  17. klancy kennedy says:

    Imagine if someone could find a way to back paper money with crypto. This paper bill can be exchanged for X amount of bitcoin.

    We've done a good job of making it nearly impossible to counterfeit money. If we didn't, we wouldn't even have paper money right now, would we?
    Most of our money exists digitally already. The bank keeps track of your balance and transactions with a digital ledger that's on their computers.
    Bitcoin is a ledger that's distributed. Everybody gets a copy, and everybody can check it to know you haven't 'double spent' your balance.
    The Bitcoin ledger is actually safer than any bank ledger we have today.

    All we need is a paper money that represents it.

  18. TheWhiteDeath says:

    Bullshit. Everything was done on purpose the great depression, the gold snatch. All of it by design.

  19. CLASH MASTER x3 says:

    i feel like golf would be to valuable to trade, and there wouldn’t be enough of it. Like if i wanted to buy a $2 candy bar, what would i do? Much smaller amount of gold then any coin

  20. Jaseph Reedy says:

    Just don't print money and you'll be better off than reinstating the gold standard. Ie : by by federal reserve

  21. Saiga 12 For Me says:

    The Creature from Jekyll Island is a really good book to read on this subject. Talks about the history of fiat money, the real purpose of the Federal Reserve (as stated by some of its creators decades after its creation), and underlying causes of the US entering wars and even the Great Depression.

  22. ZZstaff says:

    President Trump has stated that he wants the U.S. dollar once again based upon gold. I seriously doubt it will happen, most likely because the insane in the world, like far left liberals and their ilk will eventually come into power and plunge the world into chaos.

  23. alg11297 says:

    Wow, all the way back to William Jennings Bryan and the Cross of Gold Speech. We have such unstable money that the market should rely on gold? How about oil? How about tulips? This is a very deep film….not.

  24. The Modern Investor says:

    Buy Bitcoin.

  25. Clash Of The Horns says:

    End the Fed

  26. Aaron Smith says:

    The USA was never on a complete gold standard, but rather a fractional gold standard. When FDR removed us from the domestic gold standard and Nixon the international gold standard, they didn't have a choice. More promises for gold were issued than were possible. It's like overbooking an airline. Banks also do this…it's called fractional reserve banking. It's very unethical, leads to inflation and market volatility. Yet, few critisize this. FRB would collapse like any ponzi scheme if the central banks stopped propping it up with corporate welfare.

    Gold is not a practical option…all gold in the world could fit in a cube with the sides of 20m. For us to go to a complete gold standard would mean gold would have to spike to astronomically high levels…this would represent a huge transfer of wealth from the public to gold owners. What most gold bugs advocate is migrating to a partial gold standard…but this is dishonest and would fail just like it did with FDR and Nixon, and for the same reasons.

    Lastly, it is a myth that dollars are worthless because they are paper. They do not have intrinsic value, but they do have extrinsic value because they are legal tender and can settle public debts like tax bills. Anything given legal tender status will gain extrinsic value.

  27. RIDE w/ PRIDE says:

    Terrific……let's all get the RFiD chip in our hands and forehead. Some can be controlled. Let's all pay with our cellphone APP, Apple Pay….etc

    Start Crying

  28. Albert De M says:

    Gold was just an anchor. Banks still created money, much like they do today. If everyone came and demanded gold for their money all at once, banks would face runs and collapse. That's kind of what happened globally in the early 1970s, under Nixon. Foreign central banks (especially the Bank of France) wanted to exchange their dollars for gold. If Nixon hadn't closed the gold window, the U.S. would have run out of gold and the system would have collapsed even more chaotically. We could have a zero inflation target without gold, which we essentially had under the classical gold standard. Politicians just prefer a positive inflation target, because it allows interest rates to go negative (i.e. fall below the rate of inflation) in recessions, which makes them less severe.

  29. Zero Hoots says:

    lmao, gold fluctuates in value as well as bitcoin, that argument makes no sense.

  30. SanAntonioSlim says:

    If Milton Friedman opposes it then I am against it.

  31. dragonflyxj says:

    The US dollar is backed by petroleum.

  32. Gölök Z L F Buday says:

    You can limit the supply of Gold though. Shut down mines and hide it away in a vault. Precious metals largely had it's day when there was a huge world of ecomonies run by the Monarchs like Windsor or Hapsburgs. As long as there is a stable formulation, even if it's GDP based. Canada's money is almost losing to the Yen about now. It's not Arbitrary if it's under a law not laid down by a single edict by a king, which isn't fiat. Since Presidents have no singular authority. The problem came when they made the mint a dirty little secret and brought in the Reserve and Central Banks.

  33. Jose Espinosa says:

    Based on the law of demand and supply what will happen if there is a flow of gold in the market? And who were the main gold suppliers on the 70’s. Any analysis that do not talk about the implication of having your economy depend on something that is control by other country is incomplete and biased.

  34. wealthy black man says:

    The USA is well over 16 trillion dollars in debt!! The US dollar is worthless and it has been worthless for 2 decades!!

  35. Leigh Barry says:

    Bitcoin is great….as long as you have electricity and an Internet connection!!!
    Those two things go and you're PENNILESS!!!! People have this nasty habit of ignoring reality and natural disasters repeatedly prove that FACT!!!
    They can see a ginormas hurricane barreling straight towards them! Hear 24hr coverage of HOW and WHEN its going to HIT and will be spectacularly gobsmacked when the ATM doesn't work and their credit card no longer works!!! Yes you have $2000 visa dollars🤗 available…. but a fat lot of good its going to do you😳 with zero electricity and internet/satellite connections!!!

  36. franz stockmann says:

    Mobey has always just been psychology! Our perception of what it is worth!

  37. DRAKKENFIRE22 says:

    I think we need to go back to the gold standard.

  38. Shangrila La de da says:

    Money will destroy you all.

  39. Bob Ross says:

    I got an add about denuclearization.

  40. Randy Akers says:

    This video totally left out the central banks sneaky way they got into usa!! ( LOOK IT UP)

  41. Randy Akers says:

    GOLD IN THE ONLY TRUE MONEY!!

  42. Zaxomio says:

    This man's Mustache makes me critical of him.

  43. Rob Evans says:

    We can't go back to the gold standard if we don't have any gold.

  44. urchin getter says:

    John would appreciate if you add your channel to bitchute

  45. urchin getter says:

    Roman would not even except its own currency to pay taxes at the end

  46. pink toes says:

    the real backing of any currency today is its half to fully automated technological production power. one clip i saw said that 160 million americans going to work every morning accounts for 4% of the total productive output, half to full automation accounts for the rest 96%.
    gold assumes that humans are the real worker when to put out one cars 100 horsepower ( 75000 watts ) u need 1000 ppl.
    the real worker is the machine using external energy. its a figment that man gets anything but decisions done. man is the machine operator, man does 1%, the machine does the 99%.
    the real devaluation is man versus machine and that gap no doubt is/has and will only get bigger.
    if for all jobs it was measured who or what put out the total watts that took to achieve it, man's real hourly wage would be less than a cent, and the machine who wants electricity and doesn't even want dollars would get paid 99.9%.
    and since the usa still produces 80% of what it uses domestically using machines (out of which humans do 4%), the fiat currency is well backed bcuz its backed by machines not worthless humans, lol.
    the watts output by machines are the real worker which backs the fake worker, the human.

  47. Gorilla Toupee says:

    FDR started the tradition of Presidents overstepping.

  48. Patrick Perales says:

    They stabilized it by killing off millions. You stupid fucks.

  49. RADIUM CLOCK says:

    Paper money, more valuable than time.

  50. raveglory300 says:

    Gold is fixed and limited so it can't be easily manipulated. It would probably go the opposite effect of inflation where your single gold coin is worth thousands when there's not enough gold to go around. Makes sense why they pegged dollars to gold. Right now it's not perfect but it works really well.

  51. dolofonos says:

    FDR is by far the greatest criminal of the 20th century.

  52. deepfriedsammich says:

    It's not a "fixed value"! That misconception is the source of the disaster. Value is individual, imputed, marginal, context-sensitive… Value is not "set" by some "value-setter;" it emerges out of millions and millions of unaccountable, untrackable, untraceable value imputations made by individuals every day. What a commodity money does do is provide a physically objective quantity with physically objective properties that people can use when they make value imputations using it as a reference. An ounce of gold is an ounce of gold. You either have it, can pay it, or you cannot. A troy ounce of gold today will be the same object or entity that it is in twenty years. It's value, relative to other things in the market, may fluctuate, but it remains an objective quantity of a commodity having objective properties — properties to which people impute value. A "dollar" that represents no objective, existing entity other than itself, has NO properties, objective or otherwise, and certainly no objective quantity.

  53. deepfriedsammich says:

    Packs of Chicago-School Economists. Monetarists, the lot of them. I note they have judiciously pretended-away any dissent from the hard-core Austrian-School Economists like Rothbard, von Mises, et al.

  54. Danny Sullivan says:

    What makes gold any more trustworthy than paper?

  55. Ryan Shaeffer says:

    Bitcoin is only volatile because its so small of a market. if bitcoin had the amount of money thats in gold it would be stable as well, it takes time

  56. Simplicio says:

    must be funny

  57. campbellscollision says:

    The Great Depression was started by the Rothschilds. They wanted to put their banking system, The Federal Reserve, in America to give the control of our money. That's a know fact. The Rothschilds started a rumor the banks were gonna fail, causing panic. And the banks did fall. They got their reserve. They almost took over America, just as we witness today, but the Media exposed them and Americans united. Today, they own the news media, Fakebook, YouTube, Google, Twitter. And they are silencing Americans. And it will work, because no one wants to sacrifice.
    The Rothschilds are Jews. Not from God's Tribes, but they are Ashkenazi Jews. Honorary Jews given the title Jew by a King. The Rothschilds are Satanist, as many Ashkenazi Jews are. God tells us in Revelations: 2 verse 9. "I know thy works, and Tribulation, and poverty, (but thou art rich) and I know the Blasphemy of them which say they are Jews, and are not, but are the Synagogue of Satan". They own most all money, governments. The Democratic party is Rothschilds property. Obuslim was to do as much damage as possible, hiding behind black. Only a racist would not like him or his doings. Hitlery was to finish us, starting with gun confiscation, socialism. The election was rigged for her to win. She maybe got 20 million votes, the rest were fraud and illegals voting. That's why they have to destroy Trump. All their work, so close, but now it's falling apart.
    We are fighting Satan, the Rothschilds being his best tool. According to Muhammad, Allah said he is the greatest of all Decievers. Funny that Satan says the same thing. My God does not deceive and doesn't allow me to either.
    When you borrow money from a bank, you are borrowing from the Rothschilds, Satan. God said be a lender nor borrower not.
    I've noticed that much info on the Rothschilds is disappearing. Alex Jones often spoke out about them. When the Democrats regain control, America's end will be near. It's not only Democrats, the Bush family, McCain, Clinton's, Obama's are all part of the Rothschilds. The Rockefellers are part of the Rothschilds family. As is 3 other elite families. There is no Gold in the reserves. The Rothschilds took it.

  58. FirstName LastName says:

    I am a social justice warrior and I am triggered whenever I see a $20 bill that doesn't have Tubman on it.

  59. idealsceneprod says:

    Precious metals are controlled. Banks have been fined for it. Non govt sanctioned cryptos will liberate us from banker oppression, but only when we have enough adoption.

  60. Aaron Cook says:

    Bitcoins are bad for an only currency!!!

  61. Garth Wilson says:

    Meanwhile, in the background Karatbars is is setting up the Gold Standard Crypto Financial System fully backed by gold.

  62. Wolf says:

    buy bitcoin

  63. Porkchop's Papi says:

    The U.S could, in theory, go back to the gold standard only because the U.S owns the most gold. Which is one of the reasons the U.S dollar is the only curency accepted, & in fact desired, world wide. China & Russia produce much more gold than the U.S, but due to their poor economic structure, can't hold on to it.

  64. Hiker says:

    When is the deadline for someone to run for President for 2020? Say when is the last minute someone could come out of the woodwork and run for office of President?

  65. Mike Angel says:

    FDR was the fifth Racist.
    Like most politicians, he is screaming in Hell.

  66. AndUm says:

    I expected Stossell covering Harry Enfield's "Lodsamoney". Sorely disappointed, but hey, free history lesson.

  67. alphasoldier 239 says:

    The average American is richer than ever, even after conversion.

  68. PearlJamaholic says:

    “This planet has – or rather had – a problem, which was this: most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movement of small green pieces of paper, which was odd because on the whole it wasn't the small green pieces of paper that were unhappy.” Douglas Adams

  69. HangGlideTube says:

    Name me a currency and or time in history that has been as stable, globally, as the US Dollar has been for the last 50 years ! ! ! Why does the world's leaders…Putin, Xi, etc. invest their country's economy so much in the US Dollar – maybe because its the most stable currency on the planet ! Fuck with the US Dollar and the whole world's economy collapses.

  70. DeuceBigalow MaleGigalow says:

    I think the only reason that people still believe in the US dollar is because it looks like the old gold based dollar and they don’t think about it

  71. SpeedHomeAttack says:

    So if the economy and value of the dollar always go up when under gold, why is this up for debate?

  72. Tom says:

    Can I get the link to that Documentary plz

  73. ITPalGame says:

    a global economic collapse is coming

  74. Sidecar 771 says:

    Stossel is going to take the incredulous neophyte jag all the way to the grave. Give me a break, nobody is that stupid.

  75. fan1995m says:

    I usually agree with Stossel, but in my opinion gold standard does not work simply because the modern economy is growing faster than the gold supply witch would cause deflation. Deflation in turn would reduce transactions since products would be cheaper tomorrow than today which would slow the whole economy down leading to a depression.

  76. Brian Garrison says:

    get rid of federal reserve

  77. FortNikitaBullion says:

    If Elon Musk gets his way, time might indeed have a floating value.

  78. LookingGlassProject says:

    Right lads, wads out for the Ladies!

  79. Alexmarr7224 says:

    Until we as a people say enough is enough and storm the White House as one nation and drag those greedy sons of bitches into the street and hang them, NOTHING will change. I pray I live long enough to see every last one of them laying in the streets. They screw you, your loved ones, your children, our future, every second of every day.

  80. J Can du says:

    Then there must be a non fluctuating value and no inflation. The last country to institute that went from bankrupt to world super power in less than 4 years and the world destroyed it because the jewish central banking system was eliminated in that country ……Hmmm go figure ??

  81. LauraNY says:

    SILVER !!!!! You get back way more with silver than gold !!!! Check the gold and silver chart ratio in every recession !!!!!!! BITCOIN BIGGEST SCAM CREATED BY BANKS !!!!!!!!

  82. TheOerdin says:

    Only idiots support the gold standard.

  83. gabe hosier says:

    money is only acceptable by FORCE..because its NOT MONEY……there is no more trust, in god, well there 3-6000 different gods which one do we put our trust in.?

  84. Egg Gaming Pro says:

    I would like to carry gold
    like in those gold purses in skyrim

  85. Leonardo Da Kimchi says:

    WRONG. WAR=MONEY GAIN, even from "depression"

  86. Lemmy Winks says:

    Hell all precious metals. An Aluminum nickel, a nickel dime, nickle quarters, silver dollar, hell a gold $100 coin would be cool. People could start carrying satchels again.

  87. Mighty Mitochondria says:

    Back in my day, we had the gold standard.

  88. 1one1won says:

    Not enough gold

  89. Z1776 says:

    Read "What Has Government Done to Our Money?" by Murray N. Rothbard

  90. Dennis Schmidt says:

    My first employer taught me how to invest and use my earnings to make more money, I earned $100,000,00's (I still do) He also had some profound advice, he would say "You're money is worth nothing until you spend it, so buy some shit that makes you happy, but you don't really need" ( I bought a Truck, and a Boat)

  91. extremegaming says:

    Bitcoin

  92. Brando Steele says:

    This video failed to mention a lot of things . Hmmmm.

  93. MrPokemondude17 says:

    Reserve Rights Protocol $RSR. Read the white paper and thank me later.

  94. ron campana says:

    Treason is treason

  95. oldreliable303 Justin Scott says:

    Gold, or trade, like i give you this food for that plow.
    That never fails.

    I dig for gold, i like shiny things.

  96. Leo says:

    4:05 someone get this woman a cooking lesson

  97. Kayden Peterson says:

    We need to get back to gold and abolish the Fed

  98. Michael K says:

    The fictitious monetary system created by Special interest was created in order to Govern and control our souls and only life as we know. Welcome to the Matrix.

  99. Koustav Seth says:

    Actually World was giving US dollar and taking gold back due to convertibility. That's why gold to dollar convertibility was stopped.

  100. Stewart Ritchey says:

    Your money says on it "federal reserve", not gold or silver. It is only a promise that it is worth something, with no backup. But gold and silver are worthless too – you can't eat them. All economics is a house of cards.

Leave a Reply

Your email address will not be published. Required fields are marked *