Reading Andrew Ross Sorkin’s “1929” about the Black Thursday and the ensuing Great Depression.
Two striking observations about the gold standard at the time:
1) The massive bubble and eventual bist actually happened on a gold standard, in other words Bitcoiners’ assumption that hard money will simply fix everything may be too optimistic. Chat GPT’s thoughts on the reasons below
2) Despite 1), gold of course massively outperformed during the crash, resulting in FDR’s executive order to abolish private gold ownership. In that scenario Bitcoin ownership would arguably be far more difficult to abolish.
Overall, it’s a very good read with a lot of echoes with today.
Curious about any more thoughts and insights!
