![]() ![]() When the Great Depression hit, the people in England panicked, and started trading in their paper money for gold. ![]() ![]() In the early part of the 20th century, all the world's key economies were on the gold standard.īut in 1931, the system began to unravel in the most powerful country in the world: England. year after year, $20.67 got you an ounce of gold. If you had a dollar, you could take it to the government any time you want, and trade it in for a fixed amount of gold. The story of why that era came to an end includes a nervous breakdown, a global panic, and a presidential adviser who was an expert on cows and chickens. There was a time, of course, when paper money was backed by gold - the era of the gold standard. People are worried about the value of paper money. ![]()
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