Gold Standard
Doesn't oxidize under normal pressures and temperatures
What is gold
Cryptocurrency brought up in chapter 3
What is bitcoin
The average value of a commodity
What is natural price
Durable, transportable, divisible, and recognizable
What is precious metals
Person who is brought up at the beginning of the chapter
What is The Wizard from The Wizard of Oz
Role that gold played as dominant currency for much of the capitalists economic history, implied by mainstream economists
What is its natural function
Mining bitcoin requires more electricity than this country
What is Ireland
A reaction to short term changes in supply and demand
What is price fluctuations
10 pounds of tea, or two shoes equivalence example
What is twenty yards of linen
Compared to the logic of money
What is the man behind the curtain
Countries around world had developed their own systems and currencies but needed a universal equivalent as what grew
What is capitalism
Analysts at this company wrote "Bitcoin acceptance is virtually zero and shrinking"
What is morgan stanley
When the value of money decreases
What is inflation
Chair worth example
What is ten loaves of bread
Wizard of Oz-like power grew out of its role as the accepted ...
What is the universal equivalent
The gold standard crumbles due to new pressures
What is the great depression
This resembles a type of gambling more than day-to-day high-volume market exchanges
What is speculative gambling
A change in the base value of a product
What are factors that change the price of commodities
Currency used by POW
What is cigarettes
"Behind the smoke and flames of the towering, disembodied head of the famed Wizard of Oz stood an ordinary, unremarkable old man". This relates by the mysterious power determining the laws in which we live.
What is the story of money
The year in which gold standard was abandoned
What is 1971
Experts have as much understanding of this as other speculative bubbles
What is bitcoin's value
Capital flows to more profitable industries from less profitable ones
What is equalization of profits
Death penalty in England in 1773 for forging these
What is bank notes
An allegory for The Wizard of Oz interprets economical and political issues and debate over which subject, also as a comparative to the yellow brick road
What is the gold standard