According to a semi-on-point education video by Bitcoin media company TFCT, which depicts a declining society, the gold standard was “the most expensive mistake we have ever made,” and the beginning of generational doom.
Released to mark Nixon’s anniversary, the video depicts his grandfather passing on his pouch his words of wisdom (and regrets) and questioning his grandson.
“What was so bad about the money?”
His grandfather replies:
“It kept them honest.”
People think this is “how life should be”
For many, this melancholy paradigm of an economy driven by rising prices, household debt, broken families and endless credit is the natural order of things. As my grandfather lamented:
“People today think this is how life is going.”
But that wasn’t necessarily the case. Previous generations supported families with one wage and were able to eat dinner together every night (rather than working overtime, glued to a computer screen, or rushing from one job to another).
The very foundations of our financial system have changed, he argues when America abandons the gold standard. Economic decisions that have had great consequences that have been rippled through the very structure of family, culture and society.
Leave Gold Standard: A Cost Mistake
The US dollar was once supported by gold. This was not just a policy, but a promise and promise that the government had become “honest” and restrained the temptation to spend beyond their means.
A restriction that requires gold standard. Once the dollar’s conversion to gold was removed, a new era of Fiat Money was lit up.
Politicians have acquired an unchecked ability to fund anything they want:
“They printed paper backed up as nothing, and printed a fundraising war that we couldn’t afford and shouldn’t have been involved.”
Some countries, like France, understood the dangers of this shift and sent warships demanding that money be reclaimed, but the majority of the world allowed fragile systems built on trust to flourish.
Decline was not instantaneous, but rather corrosive over time. Prices skyrocketed, pay stagnated, “Life became difficult, and no one knew why.” Traditional homes, one job supporting families, a home cooking dinner, and a sense of certainty became relics.
“Forgeing money will keep everything else going and ruin the next generation.”
Bitcoin offers hope for a new generation
After leaving Gold Standard, when pay reduced purchasing power and family time shortened, they “outsourced child-rearing” to public schools and television. Culture has shifted to debt rather than savings. Consumers were booming, but so were anxiety and prescriptions. Grandpa explains:
“They learned debts, not savings. They bought a house they couldn’t afford. They played video games. Gambling, antidepressants, crime. The family broke. The divorce rate doubled. The birth rate plummeted.
The lessons learned from this generation’s lament were not clear. Forge money and everything else is unlocked. If currency can be debed endlessly, the door opens to chronic deficits, generational inequality, and a permanent cycle of “kicking cans that kick the road.”
But within this gloomy reflection is a call for action.
“We didn’t get it right, but you still have a chance. So, grab the reins, kid. Hold your ground and don’t give up on healthy money.”
Leaving the Gold Standard may be the architect of all of our illnesses, but thanks to Bitcoin, the new generation will be shot at fixing money and pinning the world.
Unlike Fiat currency, Bitcoin is capped by 21 million coins, making it immune to the whims of politicians and central bankers. It is digital, splittable, borderless and most importantly, the supply is fixed. If gold kept previous generations honest, Bitcoin does the same in the digital world.
