Why Gold Is Still The Best Money

For most of US history — 1789 to 1971, a period of 182 years — the United States embraced the idea of a currency that is stable, reliable, and definite. In practice, this meant a currency whose value was linked to gold, the best real-world way to achieve these goals. There was nothing very creative about this. Britain had done the same for hundreds of years prior, as did all the leading countries for many centuries.

The result was that the US became the wealthiest country in the world, the US dollar became the world’s leading currency, and New York became the world’s financial center.

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