>Come on. The 1800s „recessions“ were minuscule at worst compared to today‘s global meltdowns happening every decade. Think about the Asian crisis of the 1990s, the New Economy bubble burst at the beginning of the 2000s, the sub prime crisis 12 years ago and now a post Covid recession.
This is completely wrong. The crash of 1873 began what historians call a 20-year depression. The Panic of 1893 was so serious that when Grover Cleveland needed oral surgery for cancer it was done in secret to avoid further panicking the country. J. P. Morgan basically bailed out the entire US economy in the Panic of 1907.
In all of these cases, labor unrest from the unemployed far exceeded anything seen in any post-WW2 economic crisis in the US. At multiple times the US treasury faced the prospect of being unable to fully redeem demands for gold in exchange for paper money. For the entirety of the Gilded Age, the two main political issues in the US were protectionism and free silver, both fundamentally tied into how the US economy functioned and how the US government paid for itself.
> J. P. Morgan basically bailed out the entire US economy in the Panic of 1907.
That says more about the size of the US economy at that time than about the size of the economic crisis…
Are you honestly comparing the Asian crisis with what happened in the US 120 years ago?
> This is completely wrong. The crash of 1873 began what historians call a 20-year depression.
Well, just a couple of years earlier the US was in the middle of a bloody civil war that was financed with monetary inflation. That is to blame the post war depression. Not the Gold Standard per se.
You are also conviently evading my main argument that the „Gold Standard“ is irrelevant to the discussion about Bitcoins inherent design. Bitcoin does not implement a Gold Standard even if it is called „digital gold“. It is a machinery designed to prevent human meddling with a monetary base. Something that the Gold Standard was better than today‘s fiat money. But of course it was still far from perfect and depended on the honesty of politicians and bankers.
So — forget about the Gold Standard. It will never come back. The promise of Bitcoin is to bring a monetary system politicians and bankers cannot manipulate. Whether that’s a good thing or even realistic is a separate discussion.
> The promise of Bitcoin is to bring a monetary system politicians and bankers cannot manipulate. Whether that’s a good thing or even realistic is a separate discussion.
Never heard of any politician giving up power voluntarely.
And money is the power: no more printing - need to work hard for money.
This is completely wrong. The crash of 1873 began what historians call a 20-year depression. The Panic of 1893 was so serious that when Grover Cleveland needed oral surgery for cancer it was done in secret to avoid further panicking the country. J. P. Morgan basically bailed out the entire US economy in the Panic of 1907.
In all of these cases, labor unrest from the unemployed far exceeded anything seen in any post-WW2 economic crisis in the US. At multiple times the US treasury faced the prospect of being unable to fully redeem demands for gold in exchange for paper money. For the entirety of the Gilded Age, the two main political issues in the US were protectionism and free silver, both fundamentally tied into how the US economy functioned and how the US government paid for itself.