> Wayne feels that the monetary system has been on a path to disaster since it left the gold standard. It’s a belief, inspired by his reading of Adam Smith, that he’s stood behind for much of his life.
“I understood immediately, in 1968, that we were in trouble not only in The United States but worldwide because they took the whole world off of the gold standard,” he explained. “Which meant that every country in the world was running on what’s called fiat money. Instead of money backed by gold and silver, which had been the case for 2,400 years very successfully, now the world was running on Monopoly money
Interesting observation by this Apple cofounder:
> Wayne feels that the monetary system has been on a path to disaster since it left the gold standard. It’s a belief, inspired by his reading of Adam Smith, that he’s stood behind for much of his life.
“I understood immediately, in 1968, that we were in trouble not only in The United States but worldwide because they took the whole world off of the gold standard,” he explained. “Which meant that every country in the world was running on what’s called fiat money. Instead of money backed by gold and silver, which had been the case for 2,400 years very successfully, now the world was running on Monopoly money
It is pretty well understood why the gold standard is worse than our current system.