Follow me on Twitter: twitter.com/Professor_Barth If you enjoy this channel and want to support: www.patreon.com/professorbarth Buy my book: www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1 History of Money playlist: th-cam.com/play/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_.html Foundations of Western Political Thought playlist: th-cam.com/play/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L.html
Thank you for these videos. You've been answering many questions about our financial systems, and their history, that I've had without going too far into the weeds. You've summarized things very well and made it a lot easier to understand without having to wade through tomes of information.
I would suggest interested readers, find Arthur Schlesinger's trilogy on FDR and the New Deal. Dismissing the New Deal in this manner has factional intent.
You've certainly found the rabbit hole. Now, you're off to see the wizard. The not so wonderful wizard of Oz. That's ounces. Frank Baum, back in the day tried to tell us, but somehow dorothy's shoes, turned from silver, to ruby.... One, really is a pet rock.
Sources: "Creation of the Bretton Woods System" by Federal Reserve History (a research arm of the Fed); "The Ascent of Money: A Financial History of the World" by Niall Ferguson; "Exorbitant Privilege: The Rise and Fall of the Dollar" by Barry Eichengreen; "A History of Money and Banking in the United States" by Murray Rothbard; and "All The Presidents' Bankers: The Hidden Alliances That Drive American Power" by Nomi Prins.
Can you please elaborate more on why dollar would cost more than gold between 1944 and 1960s? (you mention it as a reason why national central banks would not try to exchange dollar for gold before the 1960s)
In the late 1940s there was a severe dollar shortage -- the dollar was so hard, that in reality, it was worth more than gold at the fixed price of $35 an ounce. People and businesses that dealt overseas desperately wanted dollars; it was the world reserve currency and there was a shortage of them overseas. One of the reasons behind the Marshall Plan was to introduce more dollars overseas. By the late 1950s there was a dollar glut and the opposite problem occurred, though immense pressure was placed on foreign central banks throughout the 1960s to not demand redemption.
While your neoclassical/austrian/monetarism "free market" gave you the great delression, the new deal took unemployment from 25% to 10% before the outbreak of ww2
Unemployment at the beginning of 1931 (1.5 years after the stock market crash) was 12%. I explained in my Hoover lecture why I believe the depression deepened later in 1931 and 1932, and that it was directly tied to intervention. The unemployment rate returned to the 12% level in the first half of 1937, four years into the New Deal. Then unemployment shot back up to 20%, and then hovered around 16% until the outbreak of World War 2, and remained at that level through the summer of 1940,. While the U.S. did not enter the war until Dec. 1941, the U.S. had already begun to mobilize for war in 1940, with a fivefold increase in defense spending. By that point the U.S. had already started its cash and carry with Britain, including the sale of armaments, and then Congress enacted Lend-Lease early in 1941. While economists differ sharply on the causes of the Great Depression - on issues ranging from the cause of the initial crash to the cause of its long extent - there is universal consensus among economic historians that the economy did not turn around until the outbreak of World War 2. That is indisputable.
Follow me on Twitter:
twitter.com/Professor_Barth
If you enjoy this channel and want to support:
www.patreon.com/professorbarth
Buy my book:
www.amazon.com/Currency-Empire-Seventeenth-Century-English-America-ebook/dp/B08L6ZPV19/ref=sr_1_1?keywords=currency+of+empire&sr=8-1
History of Money playlist:
th-cam.com/play/PLinliDgP9EbScxfH5wxoX8I_HNRSElqZ_.html
Foundations of Western Political Thought playlist:
th-cam.com/play/PLinliDgP9EbRu4qZn8SJFgysSQB5I4c-L.html
THE best bretton woods video out there, I finally understand what its all about.
Thank you for these videos. You've been answering many questions about our financial systems, and their history, that I've had without going too far into the weeds. You've summarized things very well and made it a lot easier to understand without having to wade through tomes of information.
5:30 20 000 tonnes = 44 million pounds.
Thanks for a great lecture!
I agree great lecture as usual, but I was also wondering about that conversion. I had carried more on my truck lol
Excellent content .well done
Thank you Adam
Tremendous. I'm watching all of your lectures, hope it's ok if I reach out to you with questions or observations I may have.
I think that Mike Maloney would applaud your efforts.
❤❤❤
I would suggest interested readers, find Arthur Schlesinger's trilogy on FDR and the New Deal. Dismissing the New Deal in this manner has factional intent.
Does anyone believe that Ft Knox still has all that gold?
When was the last time an inventory was conducted?
You've certainly found the rabbit hole.
Now, you're off to see the wizard.
The not so wonderful wizard of
Oz.
That's ounces.
Frank Baum, back in the day tried to tell us, but somehow dorothy's shoes, turned from silver, to ruby....
One, really is a pet rock.
Hello, where can I see the bibliography?
Sources: "Creation of the Bretton Woods System" by Federal Reserve History (a research arm of the Fed); "The Ascent of Money: A Financial History of the World" by Niall Ferguson; "Exorbitant Privilege: The Rise and Fall of the Dollar" by Barry Eichengreen; "A History of Money and Banking in the United States" by Murray Rothbard; and "All The Presidents' Bankers: The Hidden Alliances That Drive American Power" by Nomi Prins.
Can you please elaborate more on why dollar would cost more than gold between 1944 and 1960s?
(you mention it as a reason why national central banks would not try to exchange dollar for gold before the 1960s)
In the late 1940s there was a severe dollar shortage -- the dollar was so hard, that in reality, it was worth more than gold at the fixed price of $35 an ounce. People and businesses that dealt overseas desperately wanted dollars; it was the world reserve currency and there was a shortage of them overseas. One of the reasons behind the Marshall Plan was to introduce more dollars overseas. By the late 1950s there was a dollar glut and the opposite problem occurred, though immense pressure was placed on foreign central banks throughout the 1960s to not demand redemption.
I take it that by "allies" you mean only the Western allies. The Soviet Union outproduced the US in, e.g., armoured vehicles.
While your neoclassical/austrian/monetarism "free market" gave you the great delression, the new deal took unemployment from 25% to 10% before the outbreak of ww2
Unemployment at the beginning of 1931 (1.5 years after the stock market crash) was 12%. I explained in my Hoover lecture why I believe the depression deepened later in 1931 and 1932, and that it was directly tied to intervention. The unemployment rate returned to the 12% level in the first half of 1937, four years into the New Deal. Then unemployment shot back up to 20%, and then hovered around 16% until the outbreak of World War 2, and remained at that level through the summer of 1940,. While the U.S. did not enter the war until Dec. 1941, the U.S. had already begun to mobilize for war in 1940, with a fivefold increase in defense spending. By that point the U.S. had already started its cash and carry with Britain, including the sale of armaments, and then Congress enacted Lend-Lease early in 1941. While economists differ sharply on the causes of the Great Depression - on issues ranging from the cause of the initial crash to the cause of its long extent - there is universal consensus among economic historians that the economy did not turn around until the outbreak of World War 2. That is indisputable.
Interesting, as we watch the Central banks moving us closer to a global banking center, no longer banks with national interests.
Here's the real job crusher, not the bathroom politics of sensationalism. CFR? Think Tank=$$$
Very good topics, but unfortunately the explanation is very boring.
Are you expecting a delivery more on par with something from The History Channel? WTF, it's a free service. Quicherbichin.
Completely disagree. This is a great presentation
Simply adjust play back to 1.5 or more if you can keep up.
🤙❤️😇😎🌺🤙❤️😇😎🌺 0:53