Want to create an interactive transcript for this episode?
Podcast: The Peter McCormack Show
Episode: WTF Happened in 1971 with Ben Prentice & Heavily Armed Clown - WBD213
Description: Location: Zoom Date: Wednesday, 1st April Project: WTFhappenedin1971.com Role: Host The gold standard was a monetary system in which the value of countries currency was directly linked to the amount of gold held in reserve. Although not currently used by any government, it was once a widely used system. A currency backed by a scarce asset such as gold prevents the government from printing more money without consequences. In 1931 the Bank of England abandoned the gold standard 'temporarily'; however, it never returned. Following Britains move to abandon the gold s...