Hey guys. So as promised – I will give a brief breakdown of the gold standard. The gold standard was based on valuing money based on the quantity of gold. The standard was largely dropped in 1976- spearheaded by US President Nixon favouring neo-classical economics. It is worthy of note though, that most countries still hold large gold reserves. Here’s a somewhat random quote that will hold much more meaning as we delve more and more into the fall of the gold standard. “All paper money returns to its intrinsic value.” – Voltaire. When gold was found at Sutter's Ranch in 1848, it inspired the Gold Rush to California and the unification of western America. In 1861, U.S. Treasury Secretary Salmon Chase printed the first U.S. paper currency. In fact, by the mid-1800s, most countries wanted to standardize transactions in the booming world trade market. They adopted the gold standard . It guaranteed that the government would redeem any amount of paper money for its