The Wizard of Oz is a story about the dangers of the gold standard

BigThink/Marianne Hayes/9-29-2022

photograph of original cover for the wonderful wizard of oz book“The Wizard of Oz film was actually based on an L. Frank Baum novel, which was published in 1900 amid  political tension in the U.S. Previously, the Coinage Act of 1873 had effectively stomped out the policy of bimetallism in the U.S. As a result, if you held silver bullion, you could no longer use it to make U.S. coins. This was followed by an economic depression and a rallying cry from many Americans to bring back bimetallism.”

USAGOLD note: In short, removing silver as a source of minted money sharply reduced the money supply creating an economic depression. Those who advocated a bimetallic standard were the “easy money” faction while those who advocated a gold-only standard represented a tight monetary policy. Many years ago, we posted professor Quentin P Taylor’s interpretation of L. Frank Baum’s beloved book at our Gold Classic’s Library. “Money and politics in the Land of Oz” was an instant hit and continues to receive a steady stream of visitors to this day.

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