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When Money Became Abstract The Evolution of Currency
Currency wasn't always the paper and digital entries we recognize today. This episode traces the transformation from commodity-based money—when gold and silver held intrinsic value—to fiat currency systems where value derives from government decree and collective trust. We examine the 1944 Bretton Woods Conference that pegged currencies to the dollar, the subsequent 1971 Nixon Shock that severed the gold standard, and how these pivotal moments fundamentally altered how nations conduct trade and manage inflation. Understanding this shift is essential because it reveals why modern central banks…
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