309: A Money Revolution?

Money has taken on many forms throughout history. In the last couple of centuries gold has been the dominant form of money recognized globally. In 1912 J.P. Morgan himself said, "Money is gold, and nothing else". Yet the relevance of gold has really come into question since Nixon took the dollar off the gold standard in 1971. That move has been vilified by Austrian economists and others who treasure the concept of sound money. The revolution that started in 1971 changed the global economy from one based on gold to one based on credit. That sounds like anathema doesn't it? Well…maybe a credit-based economy is not so bad. After all, it could be argued that the uncoupling of gold and the US dollar resulted in the most rapid growth in global wealth over the last 50 years than ever before in history. It could be argued that "creditism" resulted in fewer people in poverty around the world and even the fall of the Soviet Union. If that's the case, is credit and debt so bad? Richard Duncan doesn't think so. In fact, he's written a new book that suggests that we should lean into our debt with investments that will bring us to the next level of a civilized society. Curious? Make sure to tune into this week's episode of Wealth Formula Podcast!