Hey everyone, welcome back to the What Is Money Show.

I am sitting down again today with my friend code named Lester.

And we're going to continue our journey into this excellent book by Paul Ye,

The Twilight of Gold.

But I thought, you know, we were talking offline a little bit that maybe we'd start with

some questions you had actually about the Snyder series, the series I did with Jeff

Snyder, rather.

Yeah, yeah. I just want to mention one, this is one small correction from last time we were

talking, I was talking about the period of bank restriction of the Bank of England. I think I got

the dates wrong. The actual period was 1797 to 1819 in case I got those dates wrong. I'd look that

up. You and Snyder got those dates wrong, I'd look that up.

You and Snyder got into a really, really productive vein about the public's ability to intervene as an information filter versus the central bank and the committee of central bankers

being the final arbiters of monetary policy.

And it really relates back to this book and to a lot of revelations I've had about the value

of Bitcoin. There's a quote from this book. Paul Ye pulls from Montague Norman's personal letters. Montague Norman was the

governor of the Bank of England during a lot of the critical episodes that we're talking about.

And he wrote to another central banker that it must surely be the concern of all to avoid so far as possible disturbing fluctuations

in the value of gold. I do not believe that gold in circulation can safely be regarded as a

reserve that could be made available in case of need. And I think even in times of abundance, hoarding is bad

because it weakens the command of the central bank over the monetary circulation,

and hence over the purchasing power of the monetary unit. Paulyi in the book, he italicizes

the last clause.

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