Nathan Lewis,

Gold: The Once and

Future Money


The Gold Standard: How Britain Made Itself — And The World — Rich

From 1880 to 1914, British  exports of goods and services  averaged around 30 percent of  national income, a stupendous  figure. Britain had made itself  rich; now it was setting about  making the entire world rich. This was made possible, of course, by the world gold standard centered around London and the Bank of England. Investors, importers,  and exporters did not have to worry about foreign exchange  fluctuations; tariffs within the  empire were low; and Britain's  legal system, which it exported  to its colonies, reduced the  legal and political  uncertainties. The Bank of England's commitment to the  gold standard was unwavering,  and as a result it was able to  hold together the world gold  standard with only a pittance of  gold in reserves.  ... For decade  after decade, hard money  stayed hard; exchange rates  stayed fixed; interest rates  remained low; and gold  remained the basis of it all.

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Hillsdale College History Prof. Burton Folsom: What The Invention of the Airplane Teaches About Free Markets

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Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

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*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]