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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Cambodia's Deadly Experiment

In the 1950s, students started gathering in Paris. They were reading Karl Marx. They were forming book clubs. They were trying to come up with a better version of society. One that moved away from the division of labor. One that moved away from the capitalism in the big cities that they so despised. ... One of those students would change his name to Pol Pot. He and his colleagues formed a new political party, a takeover in Cambodia. They called themsevles the Khmer Rouge. ... Under Pol Pot and the Khmer Rouge, one out of four people in that country died in less than four years. 

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