Key English
00:01:28.360-->00:01:31.560 But today, the dollar and most other world currencies
00:01:31.560-->00:01:34.840 are supported not by gold, but by credit --
00:01:34.840-->00:01:38.040 paper backed by paper.
00:01:42.500-->00:01:45.300 The experience of Germany in the early 1920s
00:01:45.300-->00:01:46.880 is the classic horror story
00:01:46.880-->00:01:50.000 told by those who urge a return to the gold standard
00:01:50.000-->00:01:53.700 as the best way to stop inflation and stabilize economies.
00:01:53.700-->00:01:57.320 As prices rose, the government printed more and more currency
00:01:57.320-->00:01:59.720 and prices soared again.
00:01:59.720-->00:02:02.340 Eventually, the German Mark literally was not worth
00:02:02.340-->00:02:04.420 the paper it was printed on.
00:02:04.420-->00:02:07.340 Bundles of paper money were needed to buy a loaf of bread,
00:02:07.340-->00:02:11.180 and a postage stamp cost millions.
00:02:13.400-->00:02:15.400 [DR. DANIEL KIM -- December 27, 2019]
00:02:15.400-->00:02:19.400 What is the situation for scarcity? Why do we even need cryptocurrency?
00:02:20.140-->00:02:23.400 Let's look at the everyday money that we use.
00:02:23.500-->00:02:25.160 There's the US dollar,
00:02:25.940-->00:02:27.240 the Chinese yuan,
00:02:27.360-->00:02:29.240 the Euro, and the Swiss franc.
00:02:29.480-->00:02:31.540 And what I'm showing here is