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> Massive bubbles denominated in Bitcoin will build up and they will burst just as they did in the 19th century under the Gold Standard. Does anyone know about
by c54 5y ago
> Massive bubbles denominated in Bitcoin will build up and they will burst just as they did in the 19th century under the Gold Standard.
Does anyone know about bubbles under the gold standard? Seems interesting and is a piece of history I've never read about before.
- Synaesthesia 5y agoI was curious too and found some examples here https://en.wikipedia.org/wiki/Economic_bubble https://en.wikipedia.org/wiki/Economic_bubble - Panic of 1819 - Panic of 1837 - Railway bubble ~1840 - US farm bubble and crisis (1914–1918, crash 1919–1920) prices rapidly escalated during WWI and crash after war's end . - Roaring Twenties stock-market bubble (US) (1921–1929) - Florida speculative building bubble (US)(1922–1926)
- c54 5y agoWere these actually related to the gold standard as such? Or were they just bubbles that occurred during that time. For instance the railway bubble seems to have nothing at all to do with being on the gold standard.
- AnimalMuppet 5y agoThe gold standard meant that QE style answers were not possible. It didn't cause the bubble or the crash, but it meant that there were stronger constraints on what the government could do in response.
- jeltz 5y agoThe Great Depression? Many countries had to abandon the Gold Standard to get out of it. In my country we also had a real estate bubble in the late 19th century.