Lessons from the gold standard

Sir Isaac Newton invented the gold standard in 1700. The gold standard is arguably one of the best achievements that became the basis of the British Empire. It used to be said that “the pound is as good as gold” and the pound sterling note was accepted around the world as a substitute for gold, but not always. The pound of paper was voluntarily accepted everywhere, until the next banking or financial crisis came, when the quality of the currency and the reliability of the banks were questioned.

July 4, 2011

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