Innovations Soared, Prosperity Thrived in a Hard Money World
In a bygone era, the United States thrived under the shimmering promise of the gold standard, a time when innovation and prosperity danced hand in hand, propelling our nation into a golden age that remains unparalleled in its dynamism and progress.
Golden Era of Innovation (1879-1913)
In the late 19th century, a period etched in history between 1879 and 1913, the re-establishment of the gold standard became the catalyst for an unprecedented wave of ingenuity.
Electricity, automobiles, telegraph and telephone, airplanes, and even the first computer—all born within a span of 35 short years, a testament to the unfettered potential that the gold standard unleashed upon us.
Prosperity Blossoms in the Shadow of Hard Money
A defining characteristic of this golden age was the existence of a lean government, nearly ten times smaller than the bureaucratic behemoth of today.
Without the ability to print unlimited money, the government of that era couldn’t stifle the incredible innovations with excessive taxation or suffocating regulations. It was an age where the brilliance of inventors translated directly into widespread prosperity, unencumbered by the weight of an overreaching state.
Historical estimations by economists like Murray Rothbard reveal astonishing figures—annual GDP growth soaring at approximately 6.8%, a pace three to five times faster than our present-day economic stride.
The golden era meant children stood on the brink of inheriting a world where they could be four to six times richer than their parents, a dream that seems distant and elusive in our contemporary landscape.
Squandering Opportunities: The Turn of the Century
Regrettably, the echoes of this golden age dimmed in 1913 with the founding of the Federal Reserve. Policies like the income tax, the central bank, and a century marred by wars dealt a fatal blow to the flourishing prosperity.
The subsequent decades witnessed the golden era making a quiet exit, replaced by a welfare-warfare state that ushered in military spending, socialism, inflation, and economic downturns.
Comparing Eras: Recent Times in Contrast
Fast forward to today, and the stark contrast between then and now becomes undeniable. The last 35 years, marked by incremental advancements rather than groundbreaking inventions, paint a picture of stagnation.
While we may boast of internet accessibility and mass-produced technologies, the spark of true innovation seems to flicker in the shadow of the golden era’s radiance.
Debates about whether each generation is genuinely better off than the last reflect a sentiment that stands in stark opposition to the golden age, where the trajectory of prosperity seemed unbounded, offering the promise of a future where even the working class could retire in their 40s and explore the world.
The Promise of Hard Money Revival
Looking ahead, the question arises—can we recapture the magic of that golden era?
The prospect lies in a return to hard money, whether in gold, silver, or cryptocurrencies like Bitcoin. The historical receipts attest that prosperity flourishes, innovation soars, and freedom rises under a hard money system.
It’s a transformation that holds the potential to bring about a world marked by smaller government, fewer crises, increased human freedom, heightened innovation, and a renewed sense of hope for the future.
In the end, the return to a hard money system may be the key to unlocking a new golden age—a testament to the resilience of a nation and its ability to shape its destiny, echoing the whispers of innovation and prosperity that once flourished under the glistening embrace of the gold standard.
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