🔑💰 The end of the gold standard in 1971 transformed the global financial system, giving rise to fiat money and central bank influence.

🌍💱 The shift sparked debates on the effects, from increased flexibility and financial innovations to rising income inequality.

📈💸 Understanding this pivotal moment is essential to navigating today's financial landscape.

Understanding the Shift to Paper Money: The Portability Problem of Gold

Throughout history, money has taken various forms, from bartering goods to trading gold and silver. However, one pivotal innovation transformed how we conduct trade: paper money. But why did this shift occur? Why did society abandon gold, the precious metal that had backed economies for centuries? It all comes down to one crucial issue: portability.

The Gold Standard: Advantages and Challenges

Gold has been used for thousands of years as a reliable store of value and medium of exchange. Its rarity and desirability made it universally accepted, while its physical properties allowed for minting durable coins. However, gold had its limitations—primarily in the context of portability. Carrying significant quantities of gold was cumbersome, risky, and impractical, especially for long-distance trade or high-value transactions. These challenges prompted the search for a more efficient way to facilitate commerce while retaining the intrinsic value and trust associated with gold.

The Emergence of Paper Money

The need for a more convenient monetary system eventually led to the rise of promissory notes representing gold or silver holdings. These paper instruments allowed holders to claim a specific amount of precious metals from a trusted entity, usually a bank. People could trade these notes for goods and services, confident in the promise of gold backing. This shift to paper money provided a more portable means of exchange, solving the portability problem of gold.

Gradually, these promissory notes became the standard method for everyday transactions, with gold remaining primarily in vaults. The efficiency of paper currency made it the preferred choice in commerce, laying the groundwork for today's financial system.

Transition to Fiat Money

Over time, the connection between paper money and gold weakened. Governments began issuing paper money not as promissory notes but as fiat currency, relying on public trust and government stability rather than a direct tie to precious metals. The gold standard was abandoned, leaving behind a system where paper currency held value by government decree.

While this transition allowed governments to maintain greater control over monetary policy, it also shifted the perception of money. Trust and value became abstract concepts tied to the authority backing the currency rather than a tangible asset.

Modern Implications and Bitcoin

Today, the challenges of fiat money have opened the door to a new form of currency: Bitcoin. Digital, decentralized, and immune to government manipulation, Bitcoin is often seen as an augmentation to both gold and fiat currency. It provides portability, scarcity, and the security of blockchain technology while addressing the limitations of traditional forms of money.

Bitcoin holds the potential to change how we perceive and use currency. It is a natural evolution from the portability issues that gold faced and the trust challenges inherent in fiat systems.

Conclusion

The evolution from gold to paper money represents a pivotal moment in financial history, rooted in solving the problem of portability. Today's innovations, such as Bitcoin, offer new solutions to old problems, giving us a glimpse into the potential future of money. Understanding this journey helps us appreciate the importance of adaptation in our quest for a better financial system and illuminates how technology will continue to shape the world of finance.

Vom Goldstandard zum Bitcoin: Womit bezahlen wir morgen? – Buchvorstellung mit Ijoma Mangold

Vom Goldstandard zum Bitcoin: Womit bezahlen wir morgen? – Buchvorstellung mit Ijoma Mangold Die Bundesrepublik erlebt 1971 eine Währungskrise: Um die Inflation einzudämmen, beschließt das Bundeskabinett die Freigabe des Wechselkurses der D-Mark. Die nach dem Zweiten Weltkrieg neu geschaffene Währungsordnung, das Bretton-Woods-System, steht vor ihrer Ablösung. Die USA bringen mehr Geld in Umlauf…

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Nuova moneta per gli scambi commerciali internazionali

La nuova moneta dei “Brics” può mettere fine al dominio del dollaro? Percorso simile a quello dell’Euro ma agganciata all’oro. Da tenere sott’occhio i lavori della conferenza di Johannesburg dal 22 al 24 agosto. Come sappiamo, tre sono le monete mondiali principali, quelle che vantano il maggior numero di transazioni: il dollaro, l’euro e lo yen. Inoltre, un rapido sguardo al grafico del peso relativo di queste monete mostra come il dollaro abbia un ruolo predominante, essendo di fatto la moneta di riferimento mondiale.

Osservando bene il grafico si noterà che nelle prime quattro posizioni non figura nessuna delle valute delle economie ex emergenti, quelle dei cosiddetti BRICS: Brasile, Russia, India, Cina e Sud Africa. Siamo in presenza di un chiaro squilibrio, basti come esempio considerare che il Pil di Pechino è il secondo al mondo ma le transazioni nella sua valuta sono solo al quinto posto. Ma non solo: i Brics, oltre ad essere emergenti o emersi, sono anche nazioni non esattamente ostili all’invasione russa dell’Ucraina: a parte la Russia, che lo è per definizione, sappiamo come la Cina abbia un atteggiamento non chiarissimo, mentre l’India si è dichiarata (almeno fino a qualche tempo fa) neutrale. Ecco perché l’emergere di una moneta unica dei Brics è da tenere sotto attenta osservazione, in particolar modo considerandone il percorso, che sarà probabilmente simile a quello inventato dall’Europa per arrivare alla nostra valuta comune, l’Euro. Abbiamo dunque chiesto al collega Matt Manenti di aiutarci a comprendere gli ultimi sviluppi in merito. Ecco cosa ci ha inviato. L’Ecu dei Brics Parliamo della conferenza che si svolgerà dal 22 al 24 agosto prossimi a Johannesburg in Sudafrica (il 15esimo Summit dei Brics). Una conferenza che si annuncia molto importante per gli equilibri finanziari mondiali. Vediamo di comprenderne il motivo. Pur essendo considerate ancora emergenti dall’economia mondiale, queste nazioni rappresentano ormai circa il 50 per cento del Pil mondiale.  Molte soffrono di un’elevata volatilità delle loro monete nazionali e stanno studiando ormai da tempo la creazione di una nuova moneta, una sorta di – per così dire – ECU dei Paesi emergenti.

Attenzione, non sarà in un primo momento una moneta circolante. Si pensa infatti ad un percorso simile a quando fu creato l’ECU (a volte detto scudo), la moneta che veniva utilizzata solo negli scambi commerciali quando ancora l’Unione monetaria non esisteva e l’Ue e si chiamava Comunità economica europea. Ma poi, dagli scambi commerciali si passò agli scambi nei mercati finanziari. Alcuni ricorderanno come azioni e obbligazioni abbiano iniziato ad essere scambiate in Euro già prima dell’entrata in circolazione della vera e propria valuta che utilizziamo oggi tutti i giorni. Ovviamente questa moneta avrà bisogno di un certo lasso di tempo per dimostrare di essere stabile sui mercati, prerequisito per entrare in circolazione. Gold Standard Un’altra nota molto importante: il valore di questa moneta sarà probabilmente legato all’oro: il famoso collegamento che è stato eliminato “provvisoriamente” per il dollaro da parte di Richard Nixon nel 1971. Una mossa – quella di Nixon – che molti ritengono avesse avuto il suo peso nella crisi finanziaria del 2008, al punto da portare l’ex presidente francese Nicolas Sarkozy ad affermare  “il faut remettre à plat tout le système financier et monétaire mondial, comme on le fit à Bretton-Woods après la Seconde Guerre Mondiale”. L’ipotesi dell’ancoraggio all’oro è anche suffragata dall’andamento del prezzo dell’oro negli ultimi sei anni, costantemente al rialzo. Il sistema Swift Un altro elemento che verrà discusso sempre all’interno di questa conferenza sarà il sistema Swift (Society for Worldwide Interbank Financial Telecommunication). Swift è una “società cooperativa belga” che fornisce “servizi legati all’esecuzione di transazioni finanziarie e pagamenti tra banche a livello internazionale”, che agisce di fatto tramite una serie di “messaggi standardizzati che definiscono e iniziano le transazioni”. Swift è divenuta popolare nel marzo 2022, quando su gentile richiesta del presidente ucraino Volodymyr Zelensky, Unione europea, Regno Unito, Canada e Stati Uniti hanno concordato di escludere “sette banche russe” dal sistema Swift. Ma un sistema di messaggistica, per quanto importante, può essere sostituito da un altro, se le controparti con cui si effettuano le transazioni sono d’accordo. La Cina, ad esempio, negli ultimi anni aveva creato un sistema parallelo, anche se per il momento non con grande successo (a livello internazionale). Un nuovo equilibrio Nuova moneta, nuovo vettore per veicolare le transazioni: ci sono tutti gli elementi per creare un sistema alternativo a quello del dollaro. Tutto questo, chiaramente, non significa che il dollaro sparirà. Tuttavia, questa introduzione o possibile introduzione, potrà creare un nuovo equilibrio mondiale negli scambi internazionali. Relegando magari nel contempo l’Euro (peraltro utilizzato solo all’interno dell’Ue) al terzo posto. Read the full article

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