Steven Pomeranz interviewed Peter on his radio program On the Money last week. While they may not see eye-to-eye on the value of gold as money, Pomeranz gave Peter the opportunity to explain the historical importance of gold, as well as its value during the current economic crisis.
“In a world of real money, prices go down every year. If you go back and look at American history…prices were lower in 1900 than they were in 1800…We had the industrial revolution on a gold standard. In fact, the economy grew more, percentage-wise, in the 19th century than in the 20th. And if you look at living standards, living standards went up more in the 19th century than in the 20th century. So we had massive economic growth in America on the gold standard.”