Ep. 0021: A History of the US Dollar Part 1: Through the Revolution
Why cover this topic? First off, because the history of money is a lot more interesting than you might think, and it’s absolutely crucial to understanding the world, past, present, and future.
This will be part 1 of a multipart series (right now I estimate it will probably be around 4 parts) covering the history of the United States dollar. The series will be non-contiguous — ie, interspersed with episodes on other, probably non-related topics.
Join Prof CJ as he discusses:
- Why money matters to understanding the world
- British money of the colonial era, bimetallism, and Gresham’s Law
- Other things the colonists used as money when coinage wasn’t readily available
- Some of the desirable qualities in a commodity that make it work better than others as money, and some of the reasons why gold and silver function so well as money historically
- The origins of the dollar — originally a Spanish coin modeled on a Bohemian coin, actually
- The first paper money inflation in the Western World — in colonial Massachusetts
- How overprinting of paper money in MA (and later in other colonies) disrupted their economy, and reinstating of hard money revived it
- The Revolutionary War Continental Dollars, and the hyperinflation that resulted
- A few updates on the show, how it’s going, ways to support it, thank-yous to those who have, and a few remarks about the future of the show
An excerpt from the TV show DuckTales which shows how increasing the money supply dilutes the value of the money (Uncle Scrooge has more economic sense than our leaders!)
Prof CJ’s Picks (buy from Amazon via these links to help support the show at no additional cost to you)