Money Metals

In a recent episode of the Money Metals podcast, host Mike Maharrey sits down with Peter C. Earle, PhD, of the American Institute for Economic Research (AIER) to unpack what the gold standard actually is — and why it still matters in a world of fiat money.

Earle brings both academic and market experience to the table, having spent more than 20 years as a trader and analyst before his work at AIER.

Across the conversation, Maharrey and Earle tackle seven persistent myths people repeat about fiat money and the gold standard — myths that sound plausible until you follow them to their real-world conclusions.

(Interview Starts Around 8:26 Mark)

What a Gold Standard Means

Earle defines a gold standard as a system where the unit of account — dollar, pound, franc, yen — is defined as a specific weight of gold. It's not just a theme or a symbol. It means currency is convertible at a legally fixed rate.

That convertibility is the point. It forces money to be anchored to something scarce and costly to produce, limiting the ability of governments and banks to create money at will.