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Alasdair Macleod: A brief history of the gold standard
By Alasdair Macleod
Macleod Finance
Sunday, May 25, 2025
As evidence mounts that major Western economies are heading into a banking and monetary crisis due to contracting credit, we face the consequences of unsound money. The era of fiat is drawing to a close and its death will be painful for the highly indebted advanced economies in North America, Europe, and Japan. History and legal precedent tell us that fiat will die and that only gold can provide an anchor to credit values.
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As always, there are lessons to be learned from monetary history, particularly in the context of credit-dependent post-feudal economies, when in a post-feudal world gold standards evolved to support mountains of credit in the forms of bank notes and commercial bank deposits.
In this article I look at lessons from 19th-century gold standards and the mistakes made. Mostly they could have been easily avoided, but are lessons for designing tomorrow's monetary systems.
The debate over the return of gold backing for credit is becoming urgent, not just because the fiat currency system has run its course, but because it is increasingly in the developing world's interests to embrace it. And unless Russia, China, and their spheres of influence moves urgently toward backing their currencies with gold, their economies will suffer from increasing dollar-led fiat instability. ...
... For the remainder of the analysis:
https://substack.com/@macleodfinance/p-164400527
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