Why did gold and silver back up our currency?
Added 2020-06-23 14:25:30 +0000 UTCI finally dive back into economics. I teach Econ in real life, so it's nice to finally make another video I can use with my students.
This is also a collaboration with the Casual Historian. I've known Grant for a few years, and it was great to collaborate with him again. It seems that when the two of us collaborate, both of our videos also do well. You may remember I collaborate with him for my Antisemitism video.
Anyway, I hope you all are staying safe and well. Thank you for your continued support!
Comments
Thanks Mr. Beat. Should've paid more attention to Ben Stein!
Dinty's Hideaway
2020-06-23 17:57:02 +0000 UTCWhat can I say, economics can be confusing. You are mostly referring to separate issues. Manipulating interest rates is a separate issue, and it can certainly indirectly inflation. Mainly, though, the two main things that cause inflation are the money supply and demand/income. If we print more money, inflation goes up. If we make more money so can spend more money, then inflation goes up. Inflation is just the general increase of the prices of everything. The kayak being $180 is NOT inflation. That is one market, and is caused by supply and demand. Have fun on your kayak trip, btw, and happy early birthday to both of you!
Mr. Beat
2020-06-23 17:47:46 +0000 UTCSo this is an interesting, albeit extemely confusing video. How did going off the Gold Standard allow manipulation of interest rates, and does that have a direct, or causitive effect on inflation? And... does getting off the Gold Standard allow for currency manipulation, like every year when Italy used to deflate the Lira during peak tourist season, or when a group of countries revalued the Kuwait Dinar to 1 Dollar per Dinar after the Gulf War? And.... my girlfriend and I have the same birthday, July 10. She wanted us to go Kayaking this year, so I had to buy very expensive Kayaks. Normally a blow up Kayak on Amazon is $69, but right now that same Kayak is $180 on eBay. Is that inflation, or something else?
Dinty's Hideaway
2020-06-23 17:41:18 +0000 UTC
