Killing the Gold Standard

April 20th, 2004. A quiet suburban development outside Seattle. Brand-new homes. Fresh lawns not yet grown in. Then, in the middle of the night—sirens. Flames ripping through two houses. Investigators quickly find the cause: homemade incendiary devices. And a message, left behind ...  Show more

April 18, 1806. In his study, President Thomas Jefferson signs a law that doesn’t look like an act of war. It bans imports. Leather. Silk. Glass. Playing cards. A strange list. A quiet move. But Jefferson is trying to confront one of the most powerful empires in the world, withou ...  Show more

In 1971, President Richard Nixon changed the rules of money because foreign countries being paid in U.S. dollars grew skeptical when the U.S. Treasury was printing more and more money to cover our debts, and they began exchanging their dollars directly for gold in earnest, deplet ...  Show more

In the second episode in our series on bad ideas David talks to the political economist Helen Thompson about the gold standard, which was meant to anchor the world economy until it all fell apart a hundred years ago. Why does gold so often appear like a stable basis for money in ...  Show more

As banks collapse and governments run out of money, the popular solution is to print more and more and expand bank balance sheets. But is there another way of fixing our economy? Would the financial system be more stable if each pound in our pocket was backed by gold? The Today p ...  Show more

Melvyn Bragg and guests discuss the system that flourished from 1870 when gold became dominant and more widely available, following gold rushes in California and Australia. Banknotes could be exchanged for gold at central banks, the coins in circulation could be gold (as with the ...  Show more