[The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein

Free download The Power of Gold The History of an Obsession The Power of Gold The History of an Obsession Free download ¸ 104 Incorporating myth history and contemporary investigation Bernstein tells the story of how human being. An Euro centric Keynesian History of GoldGold is a chemically inert oxidation malleable and high density metal This rare metal is paradoxically found across all continentsAncient WorldThe AncientsEgyptians Jews to Romans adored gold but as a display of wealth not as money The demand for gold drove the demand of mining Mining is a labor intensive process and this facilitated slaveryBimetallismKing Croesus595BC was the first to establish gold as coinmedium of exchange via state He annulled private issuance of electrum and called all outstanding coins and minted gold silver coins to the old Bimetallism is seldom stable as changing supply of metal overtime causes the values to change Croesus maintained a ratio of 101Persians and the RomansPersians expanded the practice of gold coin mintage and influenced gold to be accepted as the popular form of money and collect tax in gold instead of wheatrice The expanding roman empire experienced the shortage of goldShortage lead to the below1 Living with insufficient supply makes demand fall short and downward pressure the price aka Depression2 Importing gold via plundertrade3 Debasing currencyConstantine 337BC used new 98 % pure gold coins Solidus as his conuest eastward brought him gold This was officially the widely accepted form of money Made gold as the only accepted medium of exchangeMiddle AgesThe Arabs dominated and outsmarted their competitors in trade and established monopolies in Africa this gave them access to West African Gold Africans traded gold to salt Salt was their primary money because of its scarcityReconuista and AtahualpaPortuguese and Spaniards paved way for discovery of the new world When the Spaniards arrived to South America they invited The King of Incas Atahualpa to their uarters Atahualpa naively accepted he was taken hostage Once the ransom for paid the kingdom fell the spaniards sentenced him to death for idolatry adultery Atahualpa was baptised in the honour of St John for a uick and painless death Mining became a serious business Under the spaniards the merciless labor was devastating to the natives The death rate was so high that many africans slaves had to be importedSpain GoldWith Gold flowing back to Spain Spain failed to become rich The Expulsion of Jews Muslims removed the merchant class the scientific community High consumption no production along with rigid structure of society ultimately led to Price revolution of 16th CenturyAsiansAsia is hardly discussed in the book which is a huge drawback Asians understand gold was too important to be traded as money So they used copper brass as medium of exchange in place of gold The word Cash for ready liuid money is Tamil word Hien Tsung821AD due to severe shortage of copper used sheet of paper for moneyMagic Mint New RulersIn 1661 Charles II of England issued an order in council mandating manufacturing of coins by machinery in place of hammer The new coin guinea eual to 1 about 8 grams or 14 of an ounce In 1697 Bank of England was established as the 1st private company to do business as limited liability company in exchange for 12 million loan with 8% interestNew Bank system and First CrisisThree forms of money were used in Britain1 Government minted gold coins2 Bank Notes from BoE and other private banks3 People deposited gold to goldsmith and got receiptsFear of French invasion provoked citizens to encase bank notes for gold This resulted in Bank Restriction Act of 1797Gold RushThe 19th Century Gold rush in Australia California and South Africa made establishment of international gold standard possible had the opposite effect of Price Revolution from 16th CenturyWW1 its effectsAccording to the writer Gold standard was a symptom of stability and not the cause Post WW I National debt swelled by multiples of 1914 for all Each country owed many to many of its citizens Allies ended up in debt to the US upto 2 Billion France Italy Russia owed 500 Million to UK The total holding of UK France and Germany in gold was 2 Billion Gold Standard was suspended as a result To bring to Gold standard means higher interest rate High interest rate means subdued business activity which in turn means higher unemployment Higher employment keeps wages in check which keeps price in check The gold standard of 1925 was passed subseuently Banking Act of 1933 prohibits hoarding of gold and silver coins and reuired all public to surrender the gold coinsbars The currency which broke from gold standard devalued The price of gold went up price of goods services fell down substantiallyWW2 its effectAfter WW2 many countries were in shambles currencies debased In Germany cigarettes nylon stocking were preferred payments USD become the only currency convertible to goldby central bankers national treasuries and not private individuals USD became the preferred mode of payment over gold as it was easy convertible and earned interest Inflation was the only vulnerability of USDNixon shockVietnam war budget deficit unemployment contributed to inflation Nixon removed the gold standard in 1971 Floating currency system was established This soared the price of gold made it a hedge against chaos inflation uncertaintyThis is an erudite account on the history of Gold However it has few drawbacks Asia s role impact narrative conspicuously missing The writer takes a Keynesian approach to narrate the history of the gold instead of taking views from all school of thoughts It is implicit from his writing that he s skeptical of gold as store of value or medium of exchange However he is very inconclusive in his take on Gold its roleif any in 21st century Highly recommended still

Free download The Power of Gold The History of an Obsession

The Power of Gold The History of an Obsession

Free download The Power of Gold The History of an Obsession The Power of Gold The History of an Obsession Free download ¸ 104 He past to the future Bernstein's portrayal of gold is intimately linked to the character of humankind. Mostly well written and captivating history of gold Occasionally bogged down by too much detail but it gives a new perspective to potential driving forces behind some historical developments The pictures were unnecessary and seem like page filler

Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein

Free download The Power of Gold The History of an Obsession The Power of Gold The History of an Obsession Free download ¸ 104 S have become intoxicated obsessed enriched impoverished humbled and proud for the sake of gold From t. From the mythology of Midas all the way to the turn of the 20th century the role of gold as money as well as symbol of wealth strength and power has been repeated in many stories throughout millennia albeit with different actors These stories are a real delight to read with only disappointment that only one chapter was dedicated to the Asian perspective The author was clearly skeptical of gold as the linchpin of monetary standard as you can find out in later chapters ie from 1800s onwards Through the lens of Keynesian economics the gold standard is seen as constraining and unnecessary rigid which runs against profligate government spendings and government stimulation programs during recession The author seemed to convinced that the gold has no monetary part to play in the modern economy Nevertheless tremendous amount of scholarship has went into the work and numerous references for those who wanted to find out about about back stories for those events


10 thoughts on “[The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

  1. says: [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Peter L. Bernstein Ú 4 Free download

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein An Euro centric Keynesian History of GoldGold is a chemically inert oxidation malleable and high density metal This rare metal is paradoxically found across all continentsAncient WorldThe AncientsEgyptians Jews t

  2. says: Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    Free download The Power of Gold The History of an Obsession Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein Peter L. Bernstein Ú 4 Free download Here is a history of an element that is almost universally desired It crosses national ethnic and religious cultures indeed it might be deemed the thing we all worship The author covers the history from legends King Midas and biblical stories The Golden Calf to 2001 when the book was published It is uite a journey Of course gold is worth s

  3. says: [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein Peter L. Bernstein Ú 4 Free download [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Mankinds history of a Gold obsession Bersntein captures Greek Persian Asian and Roman civilization's obsession for gold He follows the Spaniards Portuguese and British to the Americas not to baptize the heathens but to loot their gold The European riches become nothing but rags after decades of trading silver and gold f

  4. says: Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Peter L. Bernstein Ú 4 Free download

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein From the mythology of Midas all the way to the turn of the 20th century the role of gold as money as well as symbol of wealth strength and power has been repeated in many stories throughout millennia albeit with different actors These stories are a real delight to read with only disappointment that only one chapter was dedicated to the Asian perspective The author was clearly skeptical of gold as the linchpin of moneta

  5. says: [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    Free download The Power of Gold The History of an Obsession [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Peter L. Bernstein Ú 4 Free download Finished the audiobookwhich is interesting until the author gets into the history of the deeper economic impacts of gold It then gets hard to track When listening to an audiobook in a car one can’t “re read” a page or

  6. says: [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Free download The Power of Gold The History of an Obsession Every history buff should add this book to there read list Money has been and will always be integral to the machinations

  7. says: Peter L. Bernstein Ú 4 Free download Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein Free download The Power of Gold The History of an Obsession Very comprehensive and detailed review of the human history of using gold Some parts are very entertaining such the gold rush after the discovery of Americas Gold standard But some parts are simply boring details too plentiful You lose track of the history line

  8. says: Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Mostly well written and captivating history of gold Occasionally bogged down by too much detail but it gives a new perspective to potential driving forces behind some historical developments The pictures were unnecessary and seem like

  9. says: Free download The Power of Gold The History of an Obsession Peter L. Bernstein Ú 4 Free download [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein This was an interesting book for a while but I found gold was not interesting enough to hold my interest Gave up at about one third

  10. says: [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein Read & Download ç PDF, DOC, TXT or eBook Ú Peter L. Bernstein

    [The Power of Gold The History of an Obsession] Kindle ☆ Peter L. Bernstein the subject mattergold is something of interest But the presentation in my opinion is of old school very wordy and at times detracts from the story

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  • Hardcover
  • 304
  • The Power of Gold The History of an Obsession
  • Peter L. Bernstein
  • English
  • 03 May 2020
  • 9780470091005